MetaChat - I read it. I wept.

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05 April 2007

I read it. I wept. Since day 1, I always assumed that the Child Tax Credit was for 18 and under. I just never really read the code.→[More:]

Wrong-o. . .since Daughter was NOT under 17 on Dec. 31, I get zilch, even though she's more expensive than ever.

I owe 1K more to the feds than I expected.

I'm fucked.

(OK I don't expect any sympathy from the non-breeders in here. . .just wanna whine, and also give a heads-up to the other breeders that this thing goes away a year or so before it seems like it should.)

post by: danf at: 23:01 | 5 comments

I am not a breeder, but I am sympathetic. Owing more money than you thought you did sucks. I'm sorry!

posted by occhiblu 05 April | 23:24

Yeah, we got hit with that too a few years back. My husband hadn't changed his W4 so was still claiming married with 4 dependents, but we couldn't claim 2 of them since they turned 18. I totally can't understand why they suddenly weren't a tax burden on us even though they were seniors in high school and obviously not self supporting.

Luckily for us, we were able to minimize with with the daycare credit for the 2 year old, then we had to change withholding for my husband.

posted by HollyGoheavy 06 April | 07:07

Speaking as a teenager, I apologize for no longer being tax deductable.

posted by CitrusFreak12 06 April | 08:20

I feel your pain.

While we are on the subject, my grandbun had the GALL to be born on the 2nd of January. In other words, two days after his parents could claim a deduction. Little stinker. But apparently he'll make up for it on the other end.

posted by bunnyfire 06 April | 09:09

You can still claim them as dependents if they were full time students.

From IRS Publication 501:
The child must be (a) under age 19 at the end of the year, (b) under age 24 at the end of the year and a full-time student, or (c) any age if permanently and totally disabled.

posted by blackkar 06 April | 14:18

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