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re: Anyone here going to rake it in with monthly child tax credit checks?
Posted on 7/9/21 at 8:31 pm to jdaute2
Posted on 7/9/21 at 8:31 pm to jdaute2
quote:
From the way I understand it, likely not the case. In order to get it, you have to pay and file a tax return. The group you referred to is likely not contributing to the tax pool in any meaningful way.
There is no minimum income requirement for filing a tax return
There is a limit where you HAVE TO file a tax return
But no minimum
In fact many people file tax returns with huge losses
This post was edited on 7/9/21 at 8:32 pm
0
Posted on 7/9/21 at 8:34 pm to calcotron
quote:
If you were going to come out even on next year's taxes, taking it now will mean you owe then
We owe them every year already so I declined it. We owe the Feds about $1500 every year and get about 1k back from state. It's about as close as I've attempted to get it to even without much effort.
Posted on 7/9/21 at 8:34 pm to Don Lemonade
quote:
Almost all of this money is going to people with 10 kids from 8 fathers in the projects
A nice free 12,000 dollars that will do nothing for the economy at all is a nice boost when your house and food and cable and electricity and car is already paid for already
I agree completely, but isn’t this money they’d already be getting in a lump sum at the end of the year? If it’s an advance then it’s just gonna come out of the lump sum at the end of the year.
Incentivizing having a million kids for people that have zero business having kids is wrong in the first place, but if it’s an advance then it doesn’t seem like its much different.
Posted on 7/9/21 at 8:37 pm to lsu xman
The only money I have ever seen from this EBT give away was .16c a plate last weekend.
Posted on 7/9/21 at 8:37 pm to BigJman
quote:
I agree completely, but isn’t this money they’d already be getting in a lump sum at the end of the year? If it’s an advance then it’s just gonna come out of the lump sum at the end of the year.
Its a higher number than ever before
And it says nothing about it being an advance
And do you trust them to not keep this going once given once?
Posted on 7/9/21 at 8:39 pm to Don Lemonade
quote:
And it says nothing about it being an advance
Yikes. That’s exactly what it is. You get half of the credit this year and the other half next year. That’s why they waited until July to disseminate it. Exactly six months left of the year.
Posted on 7/9/21 at 8:41 pm to 4cubbies
quote:
Yikes. That’s exactly what it is. You get half of the credit this year and the other half next year. That’s why they waited until July to disseminate it. Exactly six months left of the year
I'd be willing to bet 80% of the tax paying population doesn't understand this and you have to make an effort to opt out. Going to be a lot of pissed off people next tax season when they realize they've already spent that money
This post was edited on 7/9/21 at 8:43 pm
Posted on 7/9/21 at 8:42 pm to Don Lemonade
Advance Article
From this explanation it’s just an advance.
Again, it’s money that they should not be receiving in the first place but that’s another argument.
From this explanation it’s just an advance.
Again, it’s money that they should not be receiving in the first place but that’s another argument.
Posted on 7/9/21 at 8:44 pm to BigJman
It’s similar but now it’s $3600 for kids under 6 and $3000 for kids 6-17. In previous years it was $2000 per kid.
So my tax refund is usually 6k. This year it’ll be $10,300. Close to $900 a month from now until end of year, so like $4500 and then the remaining $5800 on the refund.
Not quite raking it in, but there’s no point in me rejecting it because it would just all come on the refund.
Yes, a lot of this $ is going to benefit the trash but probably close to an equal amount is going to benefit regular working families.
It’s weird that all of you rich people hang out on the internet together and generalize us poor folks
So my tax refund is usually 6k. This year it’ll be $10,300. Close to $900 a month from now until end of year, so like $4500 and then the remaining $5800 on the refund.
Not quite raking it in, but there’s no point in me rejecting it because it would just all come on the refund.
Yes, a lot of this $ is going to benefit the trash but probably close to an equal amount is going to benefit regular working families.
It’s weird that all of you rich people hang out on the internet together and generalize us poor folks
Posted on 7/9/21 at 8:44 pm to 4cubbies
quote:
Yikes. That’s exactly what it is. You get half of the credit this year and the other half next year. That’s why they waited until July to disseminate it. Exactly six months left of the year.
Half and half is still more than the previous child tax credit
What is your yikes about?
This is a substantial raise on not only child tax credits but some weird new dependent credit system
Its higher. Way higher. Like I said.
Posted on 7/9/21 at 8:46 pm to Don Lemonade
You’re right. I guess I misunderstood. I happen to have two kids under 6 so I finally “get something,” even if it’s just some of my tax dollars back.
Posted on 7/9/21 at 8:47 pm to Erebus
quote:
It’s weird that all of you rich people hang out on the internet together and generalize us poor folks
Fellow poor checking in. I’m looking forward to my “extra” $600/month this month.
Posted on 7/9/21 at 8:49 pm to 4cubbies
What is another couple hundred billion dollars I guess
I am still awaiting our fate
I am still awaiting our fate
Posted on 7/9/21 at 8:50 pm to jdaute2
quote:
From the way I understand it, likely not the case. In order to get it, you have to pay and file a tax return. The group you referred to is likely not contributing to the tax pool in any meaningful way.
Unless you cash the few checks you get at walmart, don't have a bank account and do most transactions cash only.
Posted on 7/9/21 at 8:54 pm to Don Lemonade
The scary part is that this bill was approved for 1 year. It hasn’t even started yet and he’s trying to extend it for 5 more years.
Talk about an incentive to have a kid every 10 months. That’s a frick load of a disaster waiting to happen.
I’m not complaining about the 1 year but the 5 year would be very bad. Especially bad since he plans to forgive all student loan debt, raises taxes, and make college free. Increase the population of youth exponentially and then pay for their college for each of them. Just thinking about it is scary.
Talk about an incentive to have a kid every 10 months. That’s a frick load of a disaster waiting to happen.
I’m not complaining about the 1 year but the 5 year would be very bad. Especially bad since he plans to forgive all student loan debt, raises taxes, and make college free. Increase the population of youth exponentially and then pay for their college for each of them. Just thinking about it is scary.
Posted on 7/9/21 at 8:54 pm to Ebridg3
quote:
Unless you cash the few checks you get at walmart, don't have a bank account and do most transactions cash only.
Anyone with a SSN can file a tax return that says zero on every line
And everyone on the social programs already knows their local window worker by name and has already filed to get this free money
No one works as hard as someone on the prowl for government benefits
They probably filed a zero tax return before anyone else filed theirs
Posted on 7/9/21 at 8:57 pm to Erebus
quote:
Talk about an incentive to have a kid every 10 months. That’s a frick load of a disaster waiting to happen.
Having a kid is super hard. And a kid costs way more than $300/month. Your view is very cynical and unrealistic.
Posted on 7/9/21 at 9:01 pm to Erebus
quote:
It’s similar but now it’s $3600 for kids under 6 and $3000 for kids 6-17. In previous years it was $2000 per kid.
This was the part I was missing
Posted on 7/9/21 at 9:02 pm to lsu xman
We opted out
Posted on 7/9/21 at 9:06 pm to 4cubbies
Well.. Good point. You’re right
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