Tax Cuts Mean Checks Coming this SUmmer!

[momfromTN]

http://www.cnn.com/2003/ALLPOLITICS/05/23/Tax.cut.impact/index.html


Dang! If this is right, we DEFINATELY fall under the adjusted gross income of $110,000. WAAAAY under. A check of $400 for each kid would sure come in handy, wouldn't it?:D :eek:

[twinkiesmom]

You're screwed if you're single with no kids tho. News said that a single no child household that makes 30K a year will only save a whopping $50 for the year.

[EricsnKy]

Originally posted by twinkiesmom
You're screwed if you're single with no kids tho. News said that a single no child household that makes 30K a year will only save a whopping $50 for the year.

Figures huh - Single people get taxed so bad.

I am a young single male and they take a couple of hundred dollars in taxes alone every payperiod - this does not include social security. It SUCKS ...American way I suppose. They also just raised our cities occupational taxes, the average person will loose an addtional $150 per year. That's a lot of money to me...


Congrats to those that have kids though, I guess ?

[ajksmom]

Yeah would be nice, but if it is anything like the last big supposed tax relief check...we didn't get any because we had qualified for the earned income credit.

[lilbugger]

Yep it sure would be nice:D To get something, cause we didnt quailfy for the earn income tax. And kids cost alot more then what we get back:)

[jaybird]

Doesn't help me either EricsnKy. I have kids. 30 & 23.

And Brian is single, no kids, Sarah is single, no kids. So my entire family benefits a big, fat, whopping SQUAT. Thanks Dubya. :rolleyes: My sister-in-law, on the otherhand, that squeezes kids out like litters, will make a killing with 12 kids. :mad:

[EricsnKy]

Originally posted by jaybird
:rolleyes: My sister-in-law, on the otherhand, that squeezes kids out like litters, will make a killing with 12 kids. :mad: Im sorry but ROFLMAO


((((DaBirdy))))

[jaybird]

It gets better Eric...

It's so bizarre it's hilarious. If it didn't burn my butt! 12 kids AND 2 from his (the spermbank's) first marriage. My sil homeschools all 12 of them, they all HAVE to take karate lessons (we get an annual Christmas card with a family picture in it...they have to use the panorama mode...and they are all in their karate suits. Very festive) and then they go to college for free, getting a living stipend on top of it. Now the oldest, Sarah's age, 23, is starting grad school, for free. And they're paying for her room & board. (or I should say WE are) While Sarah is up to her eyeballs in debt with med school at the tune of oooh, $30,000 a year.

But you don't really want to get me started on this! ;)

I have a solution for you Eric...get married and have your wife squeeze out quintuplets before 12/31! :D

[okie]

Am i reading this right? If you make less than $110,000 a year and have kids you will get more money back.I hope i read that right because we don't make near that much,lol.That would certainly help us out.

I also read on the site that they are giving married couples a break and it doesn't look like you have to have kids.

[EricsnKy]

Originally posted by jaybird
It gets better Eric...

It's so bizarre it's hilarious. If it didn't burn my butt! 12 kids AND 2 from his (the spermbank's) first marriage. My sil homeschools all 12 of them, they all HAVE to take karate lessons (we get an annual Christmas card with a family picture in it...they have to use the panorama mode...and they are all in their karate suits. Very festive) and then they go to college for free, getting a living stipend on top of it. Now the oldest, Sarah's age, 23, is starting grad school, for free. And they're paying for her room & board. (or I should say WE are) While Sarah is up to her eyeballs in debt with med school at the tune of oooh, $30,000 a year.

But you don't really want to get me started on this! ;)

I have a solution for you Eric...get married and have your wife squeeze out quintuplets before 12/31! :D

:eek: :eek: :eek: :eek:

NO COMMENT LOL! :p

[the fugative]

Doesn't do anything for me either

[ieatalot]

so it is only going to benefit people with children then? Am I reading this right? I am married but I have a grown child.

[jaybird]

My children are grown also ieat. I didn't read the entire article, or listen very closely to Fox News earlier, but it seems the biggest (if not the only) benefit will be for families making under $110,000. Thankfully that little *bonus* will be a windfall for many of our friends here.

[jcw]

Were in the heck was all these tax credits when my kids were young?Glad for all that is getting it but dang us old farts that has raised our children already should get something too.

Eric haha my hubby's company is outside Owensboro's city limits so they had to quit holding out the city taxes on us.At least you don't get the dang marriage penalty.

Jaybird my daughter didn't qualify for anything on college either.She went to business college for $15,000.00 a year.

[jaybird]

Sucks eggs, doesn't it jcw?

[jcw]

Sure does. Rotten ones

[annie169]

$800 would be wonderful!! Either vacation money or house improvement money!!

[*StarDust*]

well I would only get 400 but that would still be nice LOL :)

[Donnagg123]

Does anyone know for sure if it is for people who did not qualify for earned income? Just curious. TIA

[momfromTN]

I am sorry if I offended anyone on here who is single or married with no young kids. I agree that is sucks for those people. I was one of you at one time. I was married WITHOUT kids for 6 years and got taxed to death. I personally think we are all taxed to death. I hope I do get this, but I also wish they would do something with the taxes so we ALL get a break of some sort.

[Crick]

I'm happy if people with kids are getting a break. They deserve it. However, for those of us single we get crapped on all the way around. I am single, own my own home, pay all my bills and still can't file head of household on federal taxes because I don't have a wife or children. So I am penalized (higher tax rate) because I choose not to get married or have kids. It also doesn't stop the government from making me pay school taxes.

[kidzpca]

I SEEM TO REMEMBER TOO THAT THOSE THAT DID GET A CHECK FROM THE LAST TAX BREAK HAD TO PAY BACK THE ENTIRE CHECK AMOUNT OF THE REFUND THE NEXT TAX YEAR.

SOOOOOOOOO IF YOU DO GET A CHECK BACK, YOU'D BE MUCH BETTER OFF TO SEND IT BACK!!!!!!!!!

THE LAST BREAK CAUSED MORE HEADACHES THAN IT SOLVED.:mad:


F*GB

No offence meant to Toby Keith and I do not support the Juvenile Delinquant Natalie Maines (Dixie Chicks )

[MrsSpeed]

I sure hope we get something. I don't know if we filed earned income or not.

Seems you can't please everyone all of the time. :rolleyes: Usually people are b****ing because tax cuts benefit the rich. Well this one benefits those making under $110,000 (and married with children) and people are still b****ing. :rolleyes:

[Angelseyes28]

Originally posted by kidzpca
I SEEM TO REMEMBER TOO THAT THOSE THAT DID GET A CHECK FROM THE LAST TAX BREAK HAD TO PAY BACK THE ENTIRE CHECK AMOUNT OF THE REFUND THE NEXT TAX YEAR.
[/COLOR] )


Wow that's strange, we didn't have to pay any of ours back last time. I would love to get another check this year:D:D:D Wow my kids are actually worth something after all;) hehe

[gemini26]

Very true Mrs. Speed.

[ahippiechic]

We didn't have to pay any of our back last year, either. I hope we get this, it would come in handy! :)

[Crick]

Originally posted by MrsSpeed
I sure hope we get something. I don't know if we filed earned income or not.

Seems you can't please everyone all of the time. :rolleyes: Usually people are b****ing because tax cuts benefit the rich. Well this one benefits those making under $110,000 (and married with children) and people are still b****ing. :rolleyes:

I don't see anyone b****ing. Everyone seems to be happy, at least on this thread, that tax cuts are finally going to people who deserve it and need it the most.

[kybeauty]

anyone have a couple kids I could borrow?

[squirt]

That's the same here, this old broad is retired. That means I get squat, zero, nada. Oh well I guess that is the price I pay for being an old broad, retired, and worse of all single. Where were all the tax cuts when I was raising my six by myself.

[kidzpca]

The tax break is not going to be a separate check like last time it is to be broken down and less money will be taken out of your PAYCHECKS each payday.

[miccit]

Originally posted by kidzpca
The tax break is not going to be a separate check like last time it is to be broken down and less money will be taken out of your PAYCHECKS each payday.

On CNN they were saying that they with holding on your checks will go down. But, they are also saying that you will receive a check for $400 for each child. They said the checks would start going out this summer.

[LadyBones]

This is great with three kids and living off paycheck by paycheck, it will come in real handy. Let's just see if it will become a reality.

[kidzpca]

I SEEM TO REMEMBER TOO THAT THOSE THAT DID GET A CHECK FROM THE LAST TAX BREAK HAD TO PAY BACK THE ENTIRE CHECK AMOUNT OF THE REFUND THE NEXT TAX YEAR.

SOOOOOOOOO IF YOU DO GET A CHECK BACK, YOU'D BE MUCH BETTER OFF TO SEND IT BACK!!!!!!!!!

THE LAST BREAK CAUSED MORE HEADACHES THAN IT SOLVED.:mad:


F*GB

No offence meant to Toby Keith and I do not support the Juvenile Delinquant Natalie Maines (Dixie Chicks )

[LadyBones]

we did get a check from the last tax break and never had to pay it back. We even got more that year then usuall. I personally can't wait for this check!

[kidzpca]

I happen to know of people whom did get the Checks back last time and had to deduct it off from there refunds and/or pay back portions if not all the money back. And it made many people have to wait an additional 10-12 weeks for their returns instead of the usual 4-8 weeks.

[twinkiesmom]

The last tax check - some ppl may not've had to pay the entire amt rec'd back, but it hadta be claimed on the next year's taxes. So part of it was deducted anyway, I'm sure.

[CarolinaBlue]

Well, I'll be happy to get our $800! :)

[mirmaid23]

I never heard anything about paying the check back from last year. Don't tell the IRS, but I never heard about claiming it on taxes or anything! Apparently, the word didn't get around to my neck of the woods.

The funny thing about last year's check is that my husband co-signed it before I took it to the bank to have it deposited. The teller told me she wouldn't accept it because he was supposed to have signed it in her presence!!!????

So, following my SIL's advice - she works at Walmart - we took the check to Walmart and the cashed it on the spot. No purchase necessary! I thought that Walmart made our bank look like crap that day. All has been forgiven between me and Walmart since then.

[twinkiesmom]

LMAO at HoneyBear's sig.

[EricsnKy]

Originally posted by momfromTN
I am sorry if I offended anyone on here who is single or married with no young kids. I agree that is sucks for those people. I was one of you at one time. I was married WITHOUT kids for 6 years and got taxed to death. I personally think we are all taxed to death. I hope I do get this, but I also wish they would do something with the taxes so we ALL get a break of some sort.

((((MOMFROMTN)))

Didn't offend me AT ALL! :D :D If people get offended over something like this being posted they have MUCH bigger issues, LOL. You didn't do anything wrong, don't worry :D

[HumNbirdMO]

WOW, okay, we did not get the EIC on our taxes this year, but we most definetly do not make anywhere near $110 grand a year either...so if I am reading this right, then we should be getting $1200 for our 3 kids sometime this summer in the mail!! WHOO HOOO, wont find me b*tching bout that!!! Yeah!! :D :D

[cpbaby]

I always get EIC but I also got a check the last time. Is this one different?

[miccit]

Originally posted by cpbaby
I always get EIC but I also got a check the last time. Is this one different?

This is for the child tax credit. It doesn't have anything to do with EIC. It is a newer tax credit. I can't remember how long it has been around though.

[moe265]

I took the EIC and the child tax credit... 400 will come in handy for school clothes and supplies!

[annie169]

A senior Bush administration official said the president will sign the bill sometime after he returns to Washington from his ranch in Crawford, Texas, on Sunday

The Prez hasn't signed it yet!! Although I'm praying he does!! ;) With all the family stress going on and finances it's been taking, this would help make up for it!!

[cpbaby]

Me too. Money is as scarce as hens teeth around here right now.

[jcw]

Originally posted by MrsSpeed

Seems you can't please everyone all of the time. :rolleyes: Usually people are b****ing because tax cuts benefit the rich. Well this one benefits those making under $110,000 (and married with children) and people are still b****ing. :rolleyes:


I think we were just TRYING to have a little fun laughing at ourselves and cutting up about not getting a check. I'm 46 years old. If I have to have another kid at this time in my life to get $400.00 I'll just let the goverment keep the money.

[Xica]

Originally posted by kidzpca
I SEEM TO REMEMBER TOO THAT THOSE THAT DID GET A CHECK FROM THE LAST TAX BREAK HAD TO PAY BACK THE ENTIRE CHECK AMOUNT OF THE REFUND THE NEXT TAX YEAR.

SOOOOOOOOO IF YOU DO GET A CHECK BACK, YOU'D BE MUCH BETTER OFF TO SEND IT BACK!!!!!!!!!

THE LAST BREAK CAUSED MORE HEADACHES THAN IT SOLVED.:mad:


Apparently. It seems a few people here don't understand how it worked.

[DAVESBABYDOLL]

OK..QUESTION FOR YA'ALL....my ex-husband got a check last time cause he claimed the kids as dependants..this year I did beacause he was behind on his child support..BUT he may have claimed them too (wasn't supposed to this year or last year because of arrears in child sup. but he did) I get the EIC so will I get one? a check that is? TIA

[squirt]

I'm happy for the ones who will or think they'll get a check. Me,I aleardy know I won't get anything, there are no kids in my household. Where were they when we needed them earlier in life. Oh well, Happiness to those that do get the money.

[moe265]

I copied this from the MSN news site... maybe will make it more clear for us.........
Child credit. Under the new law, taxpayers may claim a credit of $1,000 for each of their dependent children under age 17. That’s up from $600 per child. The extra money will be mailed to qualifying taxpayers beginning in July, based on last year’s tax return. Those who were without a child, or as many children, last year can claim the credit on their 2003 returns.
However, an income cutoff will eliminate the credit for many families. For married couples filing jointly, the phaseout begins at an adjusted gross income of $110,000. For single taxpayers or heads of households, the phaseout begins at $75,000. For those who are married but filing separately, it starts at $55,000.
In the phaseout, the credit is reduced by $50 for each $1,000 (or fraction thereof) by which the taxpayer’s income exceeds the threshold. The timetable for the credit is notable. The credit will be $1,000 per child this year and next. Then the provision in the new law ends, so the credit becomes to $700 for 2005 through 2008, $800 in 2009, $1,000 in 2010, and then back to $500 in 2011, when the 2001 bill ends.


Hope this helps... I will be watching my mailbox in July!!!

[Donnagg123]

I went back and looked at my taxes I filed, and It is only for people who actually had to pay taxes regardless of income (under $110,000).
Here is the form:
http://www.taxhawk.com/i1040gi/css/i1040gi_40.htm

If it was the Additional tax credit increasing then everyone would get something, but I think it is just the plain tax credit. So if you got down to that point and had 0$ for your taxes owed :

Add the amounts from Form 1040: Line 45 Line 47 Line 49 + Enter the total. Are the amounts on lines 2 and 3 the same? You cannot take this credit because there is no tax to reduce. However, you may be able to take the additional child tax credit. See the TIP below before completing the rest of your Form 1040. No. Subtract line 3 from line 2


you still ain't getting squat whether you got children or not or whether you qualified for EIC or not. HTH :)

[kelblend]

If I'm not mistaken whatever you got last time was added to your gross income. I did the turbo tax and yeah it mentioned it lol. Didnt' hurt us too much at all though.

[cpbaby]

My tax guy never asked me if I got it. I mentioned it and he said it didnt matter. So, I dont think it went against me or anything. I dont know.


If I dont get it, fine, but if I do, I wish it would hurry up. lol!