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Federal Income Tax mistake

jltrentjltrent Member Posts: 9,344 ✭✭✭✭
edited February 2004 in General Discussion
If you got a child tax payment during the year make sure you take this amount off the child tax credit on your return when you file it. I made this mistake and now have to file a 1040x to amend this. Why give it if you are going to take it away? It looks good when you get it, but when you find out you were tricked it doesn't look so good.
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Comments

  • paboogerpabooger Member Posts: 13,953
    edited November -1
    The tax credit that we got this past summer was just basically an advance of $400 per kid, off of the original $1200 that we get at the end of the year! And yes it had to be claimed! That added up to $1600 for me, I was glad to take it I ain't complaining!!!

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    Kids that fish, hunt and trap have never mugged any old ladies!


    To Ride, shoot straight,and speak the truth
    This was the Ancient law of Youth
    Old times are past, old times are done:
    But the Law runs true, O little son!
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  • select-fireselect-fire Member Posts: 69,535 ✭✭✭✭
    edited November -1
    No problem for me.. no deductions.
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  • SwwboSwwbo Member Posts: 1,255 ✭✭✭✭✭
    edited November -1
    I tried to claim Abby and Cairo but it didn't fly!! I'm going to start adopting 17.5 year old kids and booting them out at 18..lol

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  • jltrentjltrent Member Posts: 9,344 ✭✭✭✭
    edited November -1
    I agree with you Swwbo my daughter missed by one month, her bithday is in November. She turned 17 then and I can't see why they make this the cut off date because this is when you need the child tax credit the most as they cost the most. Also I still don't understand why they give $400 in advance and when tax filing times comes take it off. I know it looks and sounds good, but pay back time, I am afraid is going to be hell.
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  • familyguyfamilyguy Member Posts: 1,349 ✭✭✭✭✭
    edited November -1
    Select-fire Ummmm, it's a CREDIT. Nothing to do with deductions. If you have kids, you get it.


    jltrent - I think this was covered about the time the tax 'rebate' checks were coming. It is basically an advance on next years credit, an attempt to jump start a sagging economy. The credit was going from $600 to $1000, so anyone with the child tax credit the previous filing, got a $400 check per credit as an advance on next years credit. There is no payback, you simply got it ahead of time.






    Got a new gun for my ex-wife.....pretty good trade, huh?
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  • bigdaddyjuniorbigdaddyjunior Member Posts: 11,233
    edited November -1
    My only mistake was in ever getting a SS card and filing in the first place. From that point on has been the same continuous mistake.

    040103cowboy_shooting_one_gun_md_clr_prv.gifBig Daddy my heros have always been cowboys,they still are it seems
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  • jjmitchell60jjmitchell60 Member Posts: 3,887
    edited November -1
    jltrent, I can out do you! My daughter turned 17 on Dec. 31! The IRS got me on that one! Still we are getting back a nice refund!

    The statistics on sanity are that one out of every four Americans is suffering from some form of mental illness. Think of your three best friends. If they're okay, then it's you.
    Rita Mae Brown
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  • snowtiggersnowtigger Member Posts: 273 ✭✭✭
    edited November -1
    What's a refund??

    It ain't what you shoot, it's what you hit.
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  • SuspensionSuspension Member Posts: 4,783
    edited November -1
    I made a mistake on my federal return one year and I sure haven't done that again. It's a royal pain.[:(!]

    NRA Life Member ---"A pocket knife, a clean hankey, and a pistol... things I can use." - Ted Nugent
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  • gunrunner1911gunrunner1911 Member Posts: 50 ✭✭
    edited November -1
    I've heard of this illusive creature called a credit and a refund but I haven't seen one in 15 years. I just keep paying and paying last year they bagged me for a 5 figure pay in. I just figure a few more years then it's good buy SS#.
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