Posted on 07/31/2003 5:06:56 PM PDT by Clara Lou
Families across the Brazos Valley will receive about 22,000 checks totaling $13.5 million as the federal government sends out advance child tax credits, officials said.
About 25 million people nationwide are receiving the checks, which the U.S. Treasury Department estimates will average $623 per person. The IRS began mailing them Friday.
Ive talked to people who have already gotten their checks, and theyre excited about having that extra money, said Kenneth Vargas, an IRS spokesman in Austin. Theyre talking about spending it for back-to-school things they need or for last-minute vacations before school starts back up.
Judging from what Ive been hearing, it seems to be doing what it was designed to do, to stimulate the economy.
The payments were generated by the Jobs and Growth Tax Relief Reconciliation Act, which increased the maximum credit amount from $600 to $1,000 per qualifying child. The act also directed that taxpayers receive the increase this summer rather than making them wait until they file their 2003 returns.
The credit is given to taxpayers who claim a child under 16 as a dependent. It is not available for anyone who did not claim the child tax credit last year, even if they will be able to claim the credit on their 2003 returns.
As long as a qualifying taxpayer hasnt moved since filing a 2002 return, the advance check will come automatically. A taxpayer cant do anything to speed the delivery, either, Vargas said.
Its all put into the computer based on the 2002 returns, and it just gets processed, he said. The computer does all the work.
The mailing date depends on the last two numbers of the taxpayers Social Security number. Those ending in 00-33 were mailed last week on Friday, those ending in 34-66 will be mailed this Friday and those ending in 67-99 will be mailed Aug. 8.
Those who filed tax returns after April 15, including people granted extensions, will get any advance payments after the IRS processes their 2002 returns.
The IRS is sending notices about the advance payment to eligible taxpayers, which they will need when completing their 2003 tax returns. If the advance amount is more than the credit for this year because of a change in income or the number of qualifying children, the taxpayer will not have to repay the difference.
Taxpayers can learn the amount and mailing date of their checks through a new feature on the IRS Web site. Visit www.irs.gov and click on Wheres My Advance Child Tax Credit? The Web site also will indicate if a payment will be reduced because of taxes owed or an outstanding federal debt.
A check wont be generated for a payment of less than $10.
Sure it is. It is just not available early.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.