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re: Was the monthly child tax credit really an advance?
Posted on 2/21/22 at 9:19 pm to highcotton2
Posted on 2/21/22 at 9:19 pm to highcotton2
so sick of this withholding shite. Everyone should have to write a check at the end of the year for what they owe.
0
Posted on 2/21/22 at 9:51 pm to Pelican fan99
My brothers stepson’s , girlfriend(2) kids together. She has 6 total. doesn’t work and she got 15k. WTF
Posted on 2/21/22 at 9:54 pm to deltaland
Yes, but the amount of the credit vastly increased to 3.6K to kids under six and 3K for kids six through 17.
Posted on 2/21/22 at 9:57 pm to deltaland
quote:
Was the monthly child tax credit really an advance?
Yes.
quote:
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
Maybe they didn't report it on their taxes. They were supposed to get a tax doc from the gov like you do when you get a refund from the state.
Posted on 2/22/22 at 6:55 am to imjustafatkid
quote:
Maybe they didn't report it on their taxes. They were supposed to get a tax doc from the gov like you do when you get a refund from the state.
Letter 6419, but most folks didn't get near the full amount of the credit, so the balance was reflected on their tax return. Many opted out of the credit all together.
Posted on 2/22/22 at 7:37 am to deltaland
Went from $2000 to $3000 a child and u got $250/mo for 6 months.
So still $1500 left for tax filing for each kid.
So still $1500 left for tax filing for each kid.
Posted on 2/22/22 at 7:40 am to TerryDawg03
quote:
Guy I know said he's getting hit hard on his taxes for it.
He’s not.
Posted on 2/22/22 at 7:43 am to El Magnifico
quote:
I have to pay back every last dime they deposited.
Liar.
Posted on 2/22/22 at 7:52 am to deltaland
Yes - the difference is that the amount per child also went up, but not by 100%. I believe it went from $2,000 per kid in 2020 and $3,000 or $3,500 per kid (depending on kid's age) in 2021.
So, people received half in 2021 and still a lot with their return, but not as much as they did in 2020.
I work for a tax service at night and had a guy who claimed 5 kids in 2020 (his, hers, and ours). He received an advanced payment of $7500 in 2021 (5*$3000*.5). But, for 2021, he only claimed three (one went to ex and one went to grandma), so he only received $1500 on his tax return $9,000 ($3000*3) - $7500. He as NOT happy about that.
I knew when this ACTC came out that the uneducated would be all upset that they did not get as much "REFUND" from the government from their tax return. I have been proven correct.
So, people received half in 2021 and still a lot with their return, but not as much as they did in 2020.
I work for a tax service at night and had a guy who claimed 5 kids in 2020 (his, hers, and ours). He received an advanced payment of $7500 in 2021 (5*$3000*.5). But, for 2021, he only claimed three (one went to ex and one went to grandma), so he only received $1500 on his tax return $9,000 ($3000*3) - $7500. He as NOT happy about that.
I knew when this ACTC came out that the uneducated would be all upset that they did not get as much "REFUND" from the government from their tax return. I have been proven correct.
Posted on 2/22/22 at 7:56 am to highcotton2
People can always go to their employer and fill out a W4 to adjust how much is withheld out of every check, which virtually controls how much of a refund you get with your return. Of course, ideally, you should never give the government an interest-free loan, but most people don't like writing big checks to the IRS with their tax returns.
Posted on 2/22/22 at 7:58 am to lsutigers0705
quote:15K return from what? How do you get an income tax return if you don't have any income?
doesn’t work and she got 15k
Posted on 2/22/22 at 4:40 pm to Tchefuncte Tiger
quote:
Yes, but the amount of the credit vastly increased to 3.6K to kids under six and 3K for kids six through 17.
That's true, but it's capped at 150k if you file jointly. It starts to phase out at that point I think $50 for every 1k you make above that. The minimum that you will get is the old 2K amount that you were getting before these changes (assuming you're under the prior 400k jointly requirement).
TLDR if you made between 170k and 400k jointly, your child credit is that same as it was before.
This post was edited on 2/22/22 at 4:43 pm
Posted on 2/22/22 at 4:53 pm to lsutigers0705
quote:
My brothers stepson’s , girlfriend(2) kids together. She has 6 total. doesn’t work and she got 15k. WTF
Your brothers stepson and girlfriend are cheating on their taxes.
You should report the filth.
Posted on 2/22/22 at 5:00 pm to deltaland
No one should be able to receive back more then they payed in taxes in the year.
Posted on 2/22/22 at 5:45 pm to deltaland
Anyone getting that much back us paying entirely too much via payroll.
The credit started in July so they should still qualify for a half year credit.
The credit started in July so they should still qualify for a half year credit.
Posted on 2/22/22 at 5:47 pm to Seldom Seen
My dogs identify as human, so I should claim them as dependents.
Posted on 2/22/22 at 5:49 pm to deltaland
quote:
I had 5 guys didn’t show up to work today
Sounds like you should pay your employees better.
Posted on 2/25/22 at 8:09 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
Nah. My sister has two kids and raises them full time. She makes maybe $20K/yr so she can claim head of household, gets EITC and CTC and she got back just at $11K. All legal through H&R block.
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