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Rule Changes For '03 Bring Bigger Tax Credits And A New IRA.(A)
Byline: PAUL KATZEFF
Good things come to those who wait. Most rule changes created by the big tax reform bills of 2001 and 1997 took effect during 2002 or earlier.
But some became available Jan. 1.
For one, the credit for child and dependent care expenses rises in 2003.
You figure out the credit by multiplying eligible expenses by a percentage, which varies depending on your adjusted gross income. This year, the maximum eligible expenses rise to $3,000. It's $6,000 for two or more qualifying dependents.
Also, the percentages for each income bracket are higher.
For instance, the smallest step, 20%, does not kick in until AGI hits $43,001 or above. Last year, the 20% smallest step began once your AGI was $28,001 or higher.
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