Franklin County
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In the summer of 2003, your kids could be memorable for more than just a skinned knee, a stray dog, or a boyfriend with an earring. This summer your kids could be the reason you get a special check from Uncle Sam! And all you have to do is cash it, says the Internal Revenue Service.
The check is an advance payment of the new tax law's 2003 increase in the Child Tax Credit. If you claimed the credit on your 2002 tax return, you may be eligible for up to $400 for each qualifying child. That's the difference between the 2002 maximum credit of $600 and the increased 2003 amount of $1,000.
Starting on July 25, the checks will be issued to about 25 million eligible taxpayers. And you don't have to call, apply or fill out another form.
Sandra McKinnon, extension consumer and family economics specialist, recommends that taxpayers keep the notices with their tax records for their 2003 tax returns. They will need to take the advance payment into account when determining the amount of their child tax credit on the 2003 tax return.
Before you spend your check from Uncle Sam, consider using your advance tax payment to reduce debt or increase your savings. University of Missouri Outreach & Extension has a new website to help Missouri residents learn ways to save and build wealth. To learn more about increasing savings and reducing personal debt visit the MISSOURI SAVES website.
Missouri Saves is part of a national campaign, America Saves. To join Missouri Saves, sign up online and commit to a savings plan or reduce monthly debts. Participants will receive a quarterly newsletter and information to help pay down debt, build emergency funds, save for a home, save for education or save for retirement.
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Franklin County University of Missouri Extension Center
FranklinCo@missouri.edu Last revised: 08/21/08 |
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