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Anyone here going to rake it in with monthly child tax credit checks?
Posted on 7/9/21 at 7:55 pm
Posted on 7/9/21 at 7:55 pm
Starting July 15, $300/kid for 6 months and another $1800/kid at tax time.
CBS new
quote:
For parents of children up to age five, the IRS will pay $3,600 per child, half as six monthly payments and half as a 2021 tax credit. That comes out to $300 per month and $1,800 at tax time. The amount changes to $3,000 total for each child ages six through 17, or $250 per month and $1,500 at tax time. The IRS will make a one-time payment of $500 for dependents age 18 or fulltime college students up through age 24.
CBS new
This post was edited on 7/9/21 at 8:59 pm
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Posted on 7/9/21 at 7:56 pm to lsu xman
quote:
The amount phases out at a rate of $50 for every $1,000 of annual income beyond $75,000 for an individual and beyond $150,000 for a married couple.
So it's not for the middle class.
Posted on 7/9/21 at 7:57 pm to lsu xman
Mostly people that annoy you........
Posted on 7/9/21 at 8:01 pm to goofball
quote:
So it's not for the middle class
What is your definition of the middle class? Do you live in San Francisco or NYC?
Posted on 7/9/21 at 8:01 pm to lsu xman
Reason #385 why the dollar is about to be worth the paper it's printed on
Posted on 7/9/21 at 8:07 pm to lsu xman
quote:
Starting July 15, $300/kid for 6 months and another $1800/kid at tax time.
Incentivizing people who should not be having kids is bad, but isn’t this just an advance payment?
Posted on 7/9/21 at 8:12 pm to BigJman
quote:
but isn’t this just an advance payment?
Yes. You can unenroll and claim the whole thing in next years taxes if you want.
Posted on 7/9/21 at 8:19 pm to Don Lemonade
If my math is correct, people with a bit over 200k of AGI will get something with one kid.
Unnecessary handout no doubt, but that hits a good many non hoodrats I would imagine.
Unnecessary handout no doubt, but that hits a good many non hoodrats I would imagine.
Posted on 7/9/21 at 8:19 pm to goofball
quote:
The amount phases out at a rate of $50 for every $1,000 of annual income beyond $75,000 for an individual and beyond $150,000 for a married couple.
We’re not getting crap again. I pay taxes. I don’t “get” anything. My kind never gets the good end of the stick with “socialism or communism”
Posted on 7/9/21 at 8:21 pm to GetCocky11
quote:
Yes. You can unenroll and claim the whole thing in next years taxes if you want.
Guess I’m missing how you “rake it in” then
Posted on 7/9/21 at 8:24 pm to lsu xman
Isn't it just pulling forward your child tax credit instead of getting it on your next return?
i.e. - a lot of people that don't get a big return will owe next year taking it now? A lot of people are going to be pissed thinking it's more free money
i.e. - a lot of people that don't get a big return will owe next year taking it now? A lot of people are going to be pissed thinking it's more free money
This post was edited on 7/9/21 at 8:31 pm
Posted on 7/9/21 at 8:25 pm to fallguy_1978
quote:
Isn't it just pulling forward your child tax credit instead of getting it on your next return?
That would suck since the income limits on the normal CTC is much higher.
Posted on 7/9/21 at 8:26 pm to goofball
quote:
So it's not for the middle class.
It never is
Posted on 7/9/21 at 8:27 pm to GRTiger
I'm pretty sure that's the case but I'm sure we have some bean counters who'll know for sure. I think you are just getting your credit early but you won't get it on your tax return. I declined that crap.
Posted on 7/9/21 at 8:27 pm to lsu xman
quote:
There’s the task of finding all the people who should receive the money, communicating to them that this money is out there and they qualify for it, and then getting them into the system.
A recent Data For Progress poll found that 53 percent of Americans know little or nothing about the revised credit. “If you’ve already filed for your taxes in 2020 or 2019, or if you applied for a stimulus check through the IRS’s website that they set up during the pandemic, then there’s nothing else that you need to do,” says Stephen Nuñez, the Lead Researcher on Guaranteed Income at the Jain Family Institute, an applied research organization in the social sciences. (Nuñez studies cash welfare policy, that includes field work to answer policy-relevant questions about the social safety net.). You’re covered, and you should receive the benefit, whether you’re expecting it or not. However, if you are not aware — and, unfortunately, many of the most vulnerable households are those who are not aware — they really do need to come forward, if they haven’t filed taxes already.”
An estimated one third or more of the children who live in poverty also live in households that don’t file taxes. And those are the families likely to most benefit from extra money each month. The Biden administration has set up the Child Tax Credit Non-filer Sign-up Tool to sign up. Its focus is on helping the extremely poor and homeless get their benefit.
Their cue for illegal aliens to apply...
Posted on 7/9/21 at 8:27 pm to lsu xman
Yeah I have one of those jobs so it turns out I will be funding it. This should definitely encourage people to get back to work.
I think about the Romans throwing bread to the citizens while the country was in a moral decay. Funny how history repeats itself.
I think about the Romans throwing bread to the citizens while the country was in a moral decay. Funny how history repeats itself.
Posted on 7/9/21 at 8:30 pm to fallguy_1978
quote:
Isn't it just pulling forward your child tax credit instead of getting it on your next return?
IE - a lot of people that don't get a big return will owe next year taking it now?
If you were going to come out even on next year's taxes, taking it now will mean you owe then. I bet 0.0001% of people taking the credit now adjust their W4 to make sure they don't create a bad situation later. On the other hand, you are lending the government less money by taking it early. Just gotta know your own situation.
Posted on 7/9/21 at 8:30 pm to jdaute2
quote:
In order to get it, you have to pay and file a tax return.
You don't have to pay anything. The group he referred to would probably profit from filing their taxes, which is all they would need to do.
Posted on 7/9/21 at 8:30 pm to goofball
quote:
So it's not for the middle class.
Those are middle class incomes for most of the country.
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