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re: Biden to send child tax credits to 39 million families
Posted on 7/14/21 at 2:08 pm to frankthetank
Posted on 7/14/21 at 2:08 pm to frankthetank
quote:
This is going to frick so many people when they do their taxes next year.
It really wont affect that, it's the year after that can really mess things up if they do payments all next year each month.
Think about the math for this year, usually $2k credit, will turn into $1.5k-$1.8k credit for tax return with the other half ($1.5k-$1.8k) paid out Jul-Dec this year, so barely any change for this years taxes filed next year. With the caveat to that being number of children. Like if you have 3 under the age of 6, yeah you might notice it.
However if they pay it out every month next year, at $3k-$3.6k in total, yeah those 2022 tax returns going to be "wait wutttt"
This post was edited on 7/14/21 at 2:09 pm
1
Posted on 7/14/21 at 2:10 pm to Mizzoufan26
I heard that no one can get through to any govt peeps under the guise of being understaffed.
IRS, State Treasury, Social Security all have Tammy white trash & Shaniqua answering from home after a 2 week appointment
IRS, State Treasury, Social Security all have Tammy white trash & Shaniqua answering from home after a 2 week appointment
Posted on 7/14/21 at 2:10 pm to Mizzoufan26
What they should do is just lower the amount of taxes they take out of my paycheck every two weeks. Instead of taking it then giving it back.
But we know why they wont do that...
But we know why they wont do that...
Posted on 7/14/21 at 2:10 pm to cajunangelle
You will have to pay this back at the end of the year if you didnt opt out. Don't spend it.
Posted on 7/14/21 at 2:11 pm to LSUROXS
quote:
Buying more votes at the cost of the American taxpayer.
They're gonna be so pissed when they find out I will never vote for a single democrat ever again and still take their money.
Jokes on them. Thanks for the guns and ammo I will buy with this extra cash.
Posted on 7/14/21 at 2:13 pm to cajunangelle
To all who receive these checks....you're welcome from the American taxpayers.
Posted on 7/14/21 at 2:13 pm to thunderbird1100
quote:
It really wont affect that, it's the year after that can really mess things up if they do payments all next year each month.
Think about the math for this year, usually $2k credit, will turn into $1.5k-$1.8k credit for tax return with the other half ($1.5k-$1.8k) paid out Jul-Dec this year, so barely any change for this years taxes filed next year. With the caveat to that being number of children. Like if you have 3 under the age of 6, yeah you might notice it.
I had this all typed out then decided against posting it. But i 100% agree.
For every kid under 6 youll be short $200 come tax season.
For every kid 6 and up youll be $500 short come tax season.
So a family of three teenagers will feel it a good bit actually
Posted on 7/14/21 at 2:13 pm to monstranceclock76
Yeah the opt-out option makes it clear. If it was a stimulus take it and go they wouldn't have an opt-out option and include some deposits for $400K and under?
Posted on 7/14/21 at 2:13 pm to EKG
quote:
So people who chose not to (or can’t) have children don’t “get back” their stolen tax money, but those who have kids are reimbursed.
Of course, those who pay the most in taxes are ineligible, so you're not alone
Posted on 7/14/21 at 2:15 pm to Pettifogger
They say $400K a couple and below in one sentence then $150K and below per couple the next.
Which is it?
Which is it?
Posted on 7/14/21 at 2:16 pm to cajunangelle
Yes.
They’ll decide that after they send the money out and then decide who was eligible.
They’ll decide that after they send the money out and then decide who was eligible.
Posted on 7/14/21 at 2:17 pm to The Maj
quote:
Imagine many of these folks horror when their returns are much lower in January/February... They will be screaming to high heaven about their return being cut...
Ive told all of my employees if they take the upfront payments to either save enough to cover the difference, or adjust their W-4s to withhold more.
Posted on 7/14/21 at 2:18 pm to cajunangelle
How bout we give them a sterilization credit of $250 that way child poverty is prevented?
Posted on 7/14/21 at 2:19 pm to GatorReb
quote:
What they should do is just lower the amount of taxes they take out of my paycheck every two weeks. Instead of taking it then giving it back.
But we know why they wont do that...
You control how much money they take out of your check each week. There are plenty of reasons to hate the IRS and government in general, but you failing to adjust your withholdings is not one of them.
Posted on 7/14/21 at 2:21 pm to TigerFanatic99
You are aware that if the IRS or state tax agency decides you are getting cute with your withholding that they can force the employer to set it at a certain rate until otherwise instructed, right?
Posted on 7/14/21 at 2:22 pm to cajunangelle
quote:
The initiative is intended to run for a year and is intended to lift millions of children out of poverty.
how you have a child in poverty if you make 74k a year?
Like wtf?
Posted on 7/14/21 at 2:23 pm to BlackAdam
quote:
Ive told all of my employees if they take the upfront payments to either save enough to cover the difference, or adjust their W-4s to withhold more.
Good call. That won’t be the norm though.
Most people are unaware and are going to get...
Posted on 7/14/21 at 2:23 pm to cajunangelle
quote:
They say $400K a couple and below in one sentence then $150K and below per couple the next.
Which is it?
It phases out, I think it completely goes away once you hit 440k
because fairness or something
Posted on 7/14/21 at 2:25 pm to cajunangelle
quote:
They say $400K a couple and below in one sentence then $150K and below per couple the next.
Which is it?
It's a phase out over $150k for married:
This is a calculator if you scroll down
For example a married couple with 1 child under 6 would receive this year:
$150k income or less - $300/mo (6 mo.) + $1.8 credit on tax return
$175k income - $195.83/mo (6 mo.) + $1,175 credit on tax return
$182k-$400k income - $166.67/mo (6 mo.) + $1,000 credit on tax return [So same as previous child tax credit of $2k with monthly option]
$425k income - $62.50/mo (6 mo.) + $375 credit on tax return
$440k+ income - $0
This post was edited on 7/14/21 at 2:28 pm
Posted on 7/14/21 at 2:38 pm to LSUROXS
quote:
Buying more votes at the cost of the American taxpayer.
Except they are going to be pissed when their refund is smaller or worse yet... they owe money next year.
I have said for years that taxes should not be withheld. Each month every tax payer should have to write a check to the IRS for their taxes. Many people have no idea how much they pay in taxes. They just know they get a refund next year. I have had employees who had me setup their payroll information so they would get cut more each pay period so they get a bigger refund. They are too stupid to realize they are really giving the government an interest free loan for the year.
These are the same dumbasses who dont care how much a new truck or car costs, they only want to know how much their monthly payment will be.
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