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re: Was the monthly child tax credit really an advance?
Posted on 2/21/22 at 7:53 pm to Vandergriff
Posted on 2/21/22 at 7:53 pm to Vandergriff
quote:
Even with every credit in the world you'd have to make almost no money and have about 8 kids to get anywhere near that...legally.
That’s exactly their situation. It’s insane
Used car lots and shoe stores gonna feast
0
Posted on 2/21/22 at 7:54 pm to TerryDawg03
quote:
Guy I know said he's getting hit hard on his taxes for it. Not sure of their bracket or financial situation.
"Getting hit hard" meaning pay back?
Posted on 2/21/22 at 7:59 pm to SlapahoeTribe
quote:
This. And anyone getting 12-15k back is typically one of two categories: making bank while exercising some nice tax adverse options, or massively overpaying throughout the year.
Anybody that willingly lets the fed government to keep that kind of money interest free is a fricking idiot.
Posted on 2/21/22 at 8:04 pm to Vandergriff
All depends:
Is he the 'daddy's in 5 different 'families' in some run down minority neighborhood! Claiming the 45 kids that the 'real' daddies won't admit to or can't be found?
Is he the 'daddy's in 5 different 'families' in some run down minority neighborhood! Claiming the 45 kids that the 'real' daddies won't admit to or can't be found?
Posted on 2/21/22 at 8:05 pm to deltaland
Added mine back to my tax liability on muh Form 1040. (Had to pay it back). FJB didnt want or need the goddamned pittance in the first place.
This post was edited on 2/21/22 at 8:07 pm
Posted on 2/21/22 at 8:22 pm to White Bear
If you dont pay taxes you can still get the credit, its on the IRS website.
Its similar to the earned income tax credit where you can claim back your tax AND the tax your employer is paying, meaning its an income stream not a frickin credit.
Its similar to the earned income tax credit where you can claim back your tax AND the tax your employer is paying, meaning its an income stream not a frickin credit.
Posted on 2/21/22 at 8:23 pm to deltaland
People lie.
First off there are no exemptions until 2025. They raised the standard deduction.
So unless these people were way way way overpaying taxes, they are lying.
I forgot, if you didn’t receive any of the stimulus money and were due it, you could be getting that also. But that’s not your actual refund.
First off there are no exemptions until 2025. They raised the standard deduction.
So unless these people were way way way overpaying taxes, they are lying.
I forgot, if you didn’t receive any of the stimulus money and were due it, you could be getting that also. But that’s not your actual refund.
This post was edited on 2/21/22 at 8:45 pm
Posted on 2/21/22 at 8:25 pm to dgnx6
Or will be audited for scamming their taxes. I assume online personal filing is the culprit.
Posted on 2/21/22 at 8:25 pm to deltaland
quote:
I’m not so sure it really was an advance. I haven’t heard anyone bitching about getting little to no refund. I had 5 guys didn’t show up to work today cause they got thousands in refunds and they all have numerous kids they get the tax credit for
So people just stop working? No wonder no one builds wealth
Posted on 2/21/22 at 8:26 pm to xxTIMMYxx
Sounds like the op might be stretching the truth a bit. Or is easily mislead by his minimum wage employees.
Posted on 2/21/22 at 8:27 pm to SlapahoeTribe
quote:
And anyone getting 12-15k back is typically one of two categories: making bank while exercising some nice tax adverse options, or massively overpaying throughout the year.
They might be poor. Everything I have read about it says that people who are poor will probably get a bigger refund while everyone else gets screwed
Posted on 2/21/22 at 8:34 pm to deltaland
quote:
12-15k back in refunds.
Jesus what about a bunch of dumbass friends.
Posted on 2/21/22 at 8:40 pm to deltaland
I know someone who didn’t take the advance. Him and his wife make 175k combined have 3 kids under 2 and will get over 15k back between state and federal. They both claim single and 0 and have child care expenses.
Posted on 2/21/22 at 8:44 pm to deltaland
I cancelled mine in November but my wife never did for hers and still received the last two. It was borderline criminal the hoops they made you jump through to say “stop sending me money.
When I was doing my taxes, I was in the black till I entered how much we got in advances. We just saved it so it doesn’t sting or anything, but I’m imagining there is going to be some gnashing of teeth.
When I was doing my taxes, I was in the black till I entered how much we got in advances. We just saved it so it doesn’t sting or anything, but I’m imagining there is going to be some gnashing of teeth.
Posted on 2/21/22 at 8:48 pm to Vandergriff
quote:
12-15k back?
That is called a tax cheat.
Or a poor dumb bastard.
Posted on 2/21/22 at 8:52 pm to Miketheseventh
quote:
They might be poor. Everything I have read about it says that people who are poor will probably get a bigger refund while everyone else gets screwed
I “entered” the economy in 2007 making $27k a year (kid was born right after I graduated college.) I got money back and usually was a net taker due to EIC, CTC, second kid until I cleared $50-60k.
You could be a moron and file 0 with kids and I could see getting a 5-10k return. Anything above 10k and still getting that much back if you qualify for EITC screams idiot or fraud.
Posted on 2/21/22 at 9:04 pm to King
quote:
She is getting 9k back still. It would have been 10.5.
I'm not really familiar with withholding tax, but out of curiosity, how much tax did they withhold from her check to make it feasible for her to get $9000 back?
Posted on 2/21/22 at 9:09 pm to highcotton2
I had a significant amount of wash sale that rolled into this year so my realized gains was showing a large negative
I’m receiving much more than 15K back and have 2 kids. I also have a pile of write offs with business
Next year, I expect I’ll be paying that full amount back once the dust settles
I’m receiving much more than 15K back and have 2 kids. I also have a pile of write offs with business
Next year, I expect I’ll be paying that full amount back once the dust settles
Posted on 2/21/22 at 9:12 pm to lpgreat1
quote:
was an advance if taken as monthly payouts over the second half of 2021. The catch is that this was made available because the actual child tax credit basically doubled. So if you took the advance payments, and claimed your standard credit when filing your 2021 taxes, your refund may be largely the same as it was a year ago.
So many people don’t understand this it’s crazy. I have two kids and got $550 a month. It’s going to cut into my refund a little bit but nothing crazy crazy.
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