69,000 S.D. families to get IRS checks An estimated 69,000 South Dakota families will receive advance payment checks from the Treasury Department later this summer, according to the Internal Revenue Service.
Beginning the last week of July, eligible taxpayers who claimed the child tax credit on their 2002 returns will automatically receive an advance payment of the 2003 increase in this credit. The maximum credit rose from $600 per child in 2002 to $1,000 per child in 2003.
Taxpayers will not have to take any action to get this advance payment of up to $400 per qualifying child. The Treasury Department and IRS will perform all the calculations and automatically mail a notice and a check to each eligible taxpayer.
"The only thing the taxpayer needs to do is cash the check," said IRS Commissioner Mark W. Everson. "If you qualify, we will send you a notice. There's no need to call, no need to apply, no need to fill out another form. The IRS will do all the work. A few days after the notice, you will get the check."
Most of our checks will be mailed out on July 25, Aug. 1 or Aug. 8. Eligible taxpayers who filed 2002 returns after April 15 will receive their 2003 advance payment checks later in the year, after the IRS processes their returns.
The IRS will send notices to taxpayers on July 23, July 30, and Aug. 6, informing them of their advance payment amount. The IRS urges taxpayers to hold on to these notices for their 2003 tax returns. They will need to take the advance payment into account when figuring their child tax credit on the 2003 return.
Taxpayers who are not eligible for the advance payment may still qualify for the increased child tax credit when they file the 2003 return next year. For instance, a taxpayer who did not have a child in 2002, but had one in 2003, would not receive an advance payment but may qualify for the full $1,000 credit on the 2003 return.
More information, including answers to frequently asked questions, is available on the IRS Web site at www.irs.gov.