Is the child tax credit and economic stimulas check deposited at the same time?
Is the child tax credit and economic stimulas check deposited at the same time?
I got my rebate check direct deposited this morning, however it was only $1,200, we have two children thus it should have been $600 more. My accountant said it would be $1800 when we got our taxes done, so that is what I expected. Could I be getting 2 seperate deposits-1 for the rebate check and one for the child tax credit? Has this happened to anyone else? Thanks so much for your help!
Answers:
SunElaine: You will not be receiving two payments. Most likely your accountant figured out your rebate incorrectly. You probably only qualified for $600 (the minimum) for married filing jointly. Remember, it said UP TO $1200 for married filing jointly. And then, you got $600 ($300 for each child) bringing your total payment to $1200. Many people overlooked the fact that the $600 and $1200 amounts were minimums and maximums.
Your payment will be explained when you receive the letter from the IRS. In the meantime, however, visit the IRS web site to get the same info that is included in the letter. Here's how:
Click on Rebate Payment Questions.
Click on Where's My Stimulus Payment?
Click on Where's My Stimulus Payment?
Enter your SSN, filing status, and number of exemptions.
You will get a detailed explanation of your payment. It will tell you how much you got and why. It will also tell you when it was deposited, but you already know that!
Also, the Child Tax Credit is mostly unrelated to the Stimulus Payments. You already received your Child Tax Credit when you received your income tax refund.
2008-05-09 05:00:19
2008-05-09 05:00:19
Chosen Answer
bostonianinmo: The Child Tax Credit is not a refundable credit. It can only reduce your tax bill to $0. Don't confuse the CTC with the $300 kicker for children under the stimulus plan. Although the qualifications are the same, the 2 totally separate. If your tax liability for the year was $600 or less (exclusive of the CTC) then your base rebate is only $600. Add $300 for each of the children and you get $1,200. For a family of 4, your rebate will be $1,200 if your AGI is about $30,300 or less. You'd need an AGI of about $36,300 or more to receive the full $1,800 rebate including the $300 kickers for the children.
2008-05-09 05:04:04
bostonianinmo: The Child Tax Credit is not a refundable credit. It can only reduce your tax bill to $0. Don't confuse the CTC with the $300 kicker for children under the stimulus plan. Although the qualifications are the same, the 2 totally separate. If your tax liability for the year was $600 or less (exclusive of the CTC) then your base rebate is only $600. Add $300 for each of the children and you get $1,200. For a family of 4, your rebate will be $1,200 if your AGI is about $30,300 or less. You'd need an AGI of about $36,300 or more to receive the full $1,800 rebate including the $300 kickers for the children.
2008-05-09 05:04:04
Pua 7: This is true...the words that people didn't get (including accountants) was UP TO!! Married couples filing jointly would get UP TO $1200!! This would depend all on your Net Tax Liability on your tax forms!! If they were less than $600, then you would get a pay out of $600!! If it was between $601 and $1199, you would get that exact amount!! And it was $1200 or more...you would get just the $1200!!
And YES this is happening to a lot of people for the simple fact that it was an UP TO amount!! You should be expecting a letter in the mail soon explaining the pay out to you or you can simply look at your tax form copies and look under your NET TAX LIABILITY to see what it was!!
Hope this helps!! :)
2008-05-09 05:05:52
2008-05-09 05:05:52
KathyS: With the Child Tax Credit, you may be able to reduce the federal income tax you owe by up to $1000 for each qualifying child under the age of 17. When you did your 2007 return and entered qualifying children, THAT was your child tax credit.
It has nothing to do with the stimulus payment.
2008-05-09 05:09:32
2008-05-09 05:09:32
mikeG: Same here. Im married and filed jointly with 2 kids. Was expecting my rebate to be $1800 total. Mine was also only $1200. All the rules make no sense at all. So you need to make more money to get more money back. What?*#@*. How does one expect someone to get back up if he keeps kicking him back down? What a nice generic band-aid. Im sure this will last a long time. Thanks for your post. Im glad Im not the only one.
2008-05-09 14:13:28
2008-05-09 14:13:28