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re: What does this forum think of the child tax credit.
Posted on 12/7/21 at 10:36 pm to stuck377
Posted on 12/7/21 at 10:36 pm to stuck377
quote:
Long time lurker here, just asking to gauge the community sentiment.
I'm not sure I understand why there is a refundable portion, the non-refundable portion is relatively large. Those exhausting the non-refundable portion are likely qualifying for the EIC. Typical tax credit. As far as the advanced payments are concerned, a lot of people are going to bitch when they file their taxes.
This post was edited on 12/7/21 at 10:37 pm
1
Posted on 12/7/21 at 10:41 pm to highcotton2
quote:
You should never receive other peoples money that pay in if you are paying nothing.
I, too, am tired of deadbeats receiving representation without taxation.
Posted on 12/7/21 at 10:58 pm to JOJO Hammer
(no message)
This post was edited on 12/7/21 at 11:00 pm
Posted on 12/7/21 at 10:59 pm to CrabInMyShoeMouth
quote:
As far as the advanced payments are concerned, a lot of people are going to bitch when they file their taxes.
My understanding is that they doubled the available credit per child and basically sent out the first half early.
Posted on 12/7/21 at 11:00 pm to stuck377
9,9,9 - abolish tax credits and the IRS. Profit.
Posted on 12/7/21 at 11:17 pm to NYNolaguy1
quote:
My understanding is that they doubled the available credit per child and basically sent out the first half early.
Probably. I can say with 100% certainty this an activity the IRS will not perform effectively, or consistently. It sounds like, in general, anyone with a dependent on their last filed return would receive the full benefit and income limitations do not apply. Opting into these payments makes sense, not opting out.
Posted on 12/7/21 at 11:21 pm to stuck377
Any credit on the theft of income, modern day state sponsored slavery, is a step in the right direction. A tax on consumption with the .gov not being able to take more than 5% of GDP in any given year should be the MAX taxpayers pay. There should also be hard caps on taxes at EVERY level of government that taxes.
Posted on 12/7/21 at 11:27 pm to CrabInMyShoeMouth
quote:
It sounds like, in general, anyone with a dependent on their last filed return would receive the full benefit and income limitations do not apply.
Income limits do apply to the child tax credit.
Posted on 12/7/21 at 11:32 pm to highcotton2
quote:
Income limits do apply to the child tax credit.
To the actual credit, yes. To the advanced payments, I have heard otherwise.
Posted on 12/7/21 at 11:37 pm to CrabInMyShoeMouth
quote:
To the actual credit, yes. To the advanced payments, I have heard otherwise.
Income limits apply to the advanced payments also.
This post was edited on 12/7/21 at 11:41 pm
Posted on 12/7/21 at 11:50 pm to highcotton2
quote:
Income limits apply to the advanced payments also.
You don't understand that I'm saying there are those being advanced too much based on income. It's not necessarily working out for everyone.
Posted on 12/7/21 at 11:56 pm to highcotton2
We need young people back in the work force... Labor shortage...
As an independent employer... We need people needing to work again...
Guy with 5 kids quits... His old lady doesn't work and he doesn't need to... Plus food assistance and rent...
Our workforce needs these kids again...
5 kids X $300 = $1,500 per month.....
40 HRS @ $10 =$1,600 per month...
pays just as much to stay home and f*** as it does to work.. with no taxes withheld...
As an independent employer... We need people needing to work again...
Guy with 5 kids quits... His old lady doesn't work and he doesn't need to... Plus food assistance and rent...
Our workforce needs these kids again...
5 kids X $300 = $1,500 per month.....
40 HRS @ $10 =$1,600 per month...
pays just as much to stay home and f*** as it does to work.. with no taxes withheld...
This post was edited on 12/8/21 at 12:04 am
Posted on 12/8/21 at 12:09 am to NYNolaguy1
quote:
My understanding is that they doubled the available credit per child and basically sent out the first half early.
Essentially l.had done the math before and it cuts into your refund a little bit. Based on your kids age. But it won’t be the massive amount that most people think it will be.
Posted on 12/8/21 at 12:17 am to JOJO Hammer
quote:
I thinks its going to bite a lot of people in the arse come tax time next year. Most people think it’s just free money. They don’t realize it’s just an advance on the normal child tax credit.
Not really, if you qualify and have 2 kids under 6 your previous credit would have been $4k and it is now $7200. You get $600 a month totaling $3600 and the remaining $3600 will be a credit on your year end taxes. It will only be a $400 difference on your year end from previous years' credit.
Posted on 12/8/21 at 12:28 am to stuck377
I would prefer they not take $600 from my paycheck, rub it all over their slimy and unwashed body, then hand it back from me and say "It's from the government" like someone from the government took some of the brunt of the stupid bullshite my colleagues gave me.
Posted on 12/8/21 at 12:39 am to ksayetiger
It sucks. And going to illegal aliens too.
Dead beats are getting “living wages” in credits, free medical and housing, food stamps, etc from the government to do nothing but hang out.
Dead beats are getting “living wages” in credits, free medical and housing, food stamps, etc from the government to do nothing but hang out.
Posted on 12/8/21 at 1:59 am to andouille
You fellas need to dig a little deeper on this program, it may be an advance on YOUR tax bill, but I believe it works like the earned income tax credit, which allows you to claim far more than you put in for others.
The earned income tax credit (what a joke of a name), was designed to allow illegals to claw back taxes paid and their employer portion as well, and it is doing just that.
The earned income tax credit (what a joke of a name), was designed to allow illegals to claw back taxes paid and their employer portion as well, and it is doing just that.
Posted on 12/8/21 at 2:41 am to trinidadtiger
It does not work like the EIC. One is based on your income and the other is based on useless bodies in your home who depend on your income.
Posted on 12/8/21 at 2:42 am to CrabInMyShoeMouth
NM
This post was edited on 12/8/21 at 2:43 am
Posted on 12/8/21 at 3:45 am to JOJO Hammer
quote:
I thinks its going to bite a lot of people in the arse come tax time next year. Most people think it’s just free money. They don’t realize it’s just an advance on the normal child tax credit.
Agreed. I opted out months ago, and set the one or two checks I received into savings to pay the tax bill. Biden is going to frick a lot of people up with this. He empowered the IRS even more.
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