What if I receive an advance payment thats larger than the Child Tax Credit I am entitled to claim on my 2003 return?
When figuring your 2003 child tax credit, you will subtract your advance payment from the amount you would otherwise claim. If your advance payment was more than this amount, you will not have to repay the difference. The new law bases the advance payment on the child tax credits claimed on the 2002 tax return. Of course, we recognize that your tax situation can change from year to year.
Related Questions
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