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Joined: Oct 2002
Posts: 115
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Joined: Oct 2002
Posts: 115 |
I was wondering if there are any fellow Texans here who received this refund. I asked about sharing it during mediation and was told that I was entitled to the full amount since I was the custodian parent. My ex just emailed wanting his half and I told him no and explained why. I wanted to know if I was given the correct info. during mediation. I am waiting to hear from my attorney and CPA but thought you guys might know..Rhonda
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Joined: Feb 2002
Posts: 883
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Joined: Feb 2002
Posts: 883 |
This is an advance payment on your 2003 Income Tax Return. If you will be filing and claiming the children on your return as your dependents, then you are entitled to the all of the money.
The way it works is this.....they raised the tax credit from $600 to $1000 for 2003. But rather than having people wait until they file next year they are sending out advance payment refunds to those that were eligible for the child tax credit based on their 2002 return. So if you filed in 2002 and claimed the kids you will get the refund.
In 2003, your tax preparer or software will ask you if you received the advance payment of $400 on account it will be backed out of the full $1000 tax credit for 2003 leaving you with a net $600 tax credit for each child.
So no, do not share it with him, and do not let him deduct it from his child support payments either.
BTW, this child tax credit is only temporary and will be phased back down to $700 over the next 5 (?) years.
Peace.
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Joined: Oct 2002
Posts: 115
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Joined: Oct 2002
Posts: 115 |
Faith1960, Thank You for the information. I would hate to hand over money to WS to use on OW when I have been using the refund for school clothes and supplies for our sons...Rhonda
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Joined: Feb 2002
Posts: 883
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Joined: Feb 2002
Posts: 883 |
</font><blockquote><font size="1" face="Verdana, Arial">quote:</font><hr /><font size="2" face="Verdana, Arial">I would hate to hand over money to WS to use on OW when I have been using the refund for school clothes and supplies for our sons... </font><hr /></blockquote><font size="2" face="Verdana, Arial"><img border="0" title="" alt="[Eek!]" src="images/icons/shocked.gif" /> <img border="0" title="" alt="[Eek!]" src="images/icons/shocked.gif" /> <img border="0" title="" alt="[Eek!]" src="images/icons/shocked.gif" />
DON'T YOU DARE!!
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Joined: Oct 2002
Posts: 115
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Member
Joined: Oct 2002
Posts: 115 |
Faith1960, I read your story...very inspiring! I am also Catholic. I totally agreed with your comments about MB and what one obtains from this website. I believe that my spouse is in the middle of a mid life crisis based on comments he made prior to becoming involved in this affair. The way I have learned to handled this affair is to understand that God is in control and not me and to continue to embrace our faith... Peace be with you..Rhonda
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