2002 Child Tax Credit

01/30/03 | Greg West

[gregwest]

I started working on my 2002 tax return yesterday. Has anyone here noticed...

[gregwest]

I started working on my 2002 tax return yesterday. Has anyone here noticed, along with the increase in the child tax credit that Bush pushed through, they lowered the eligibility age to claim the kids to 17. That is, if you have children over the age of 17 on Dec 31, 2002, you can't claim the child tax credit on them.

Having two kids over 17, that hits me to the tune of $1200 right there. After all, this is a credit on taxes that they've already confiscated from my pay. That's kind of a backhanded way to take money out of my pocket, isn't it? I haven't seen any other mention of this here. Has anyone else noticed? Geez, even Russia has a flat tax now, why can't Washington figure it out.

GW

[Cagey]

I haven't seen the new regulations. Are you saying they are excluded the day they hit their 17th birthday? I've always thought kids over the age of 17 (meaning they hit their 18th birthday) were adults.

However, if they are going to college full time there are some other deductions you can claim that I couldn't just a few years ago.

[pave palestine]

Hit you??? How about hitting us taxpayers who don't have kids! I don't know what marginal tax rate you pay, but the child tax credit is nothing but a scam to buy votes in the name of "the children."

Another thing - the cutoff has always been at 17. This is a fairly new phenomenon in the income tax code anyway, so quit acting like it's something that you are entitled to. If I were you, I'd reduce Junior's allowance by 10 bucks a week and give him some incentive to start working and paying taxes himself!

[pave palestine]

PS - I agree with you about the flat tax, but it would only work if all these credits like the EIC are abolished. The way it is now with the AMT, if you make too much money you can't even benefit from the same tax credits that are actually refunded to people who pay no income taxes at all!

The politicians are basically saying that it's more important that ten non-productive Democratic voters leech off of your income, than for you to get the same dollar amount as a reduction to your taxes that they are given in order to buy their votes.

[pa_dweller]

Are you saying they are excluded the day they hit their 17th birthday?

No, they're excluded if they had attained the age of seventeen on December 31, 2002. It cost me a couple hundred too.   :(

[gregwest]

My lament was FOR the flat tax, without all the deductions, credits, etc. Far from having an "entitlement" mentality, I'm having a multitude of children to raise up to become good conservatives. If we are going to have a clear majority, we either have to outpace the liberals in births or start shooting liberals to reduce their ranks! :)

It's your civic duty man! Get on with it!

GW