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re: What does this forum think of the child tax credit.
Posted on 12/7/21 at 8:51 pm to stuck377
Posted on 12/7/21 at 8:51 pm to stuck377
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.
5
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 12/8/21 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 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.
Posted on 12/8/21 at 5:53 am to JOJO Hammer
quote:You mean for those that actually pay taxes.
I thinks its going to bite a lot of people in the arse come tax time next year
Posted on 12/8/21 at 6:20 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.
Isn't it a half of the advance though?
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