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re: Anyone here going to rake it in with monthly child tax credit checks?
Posted on 7/9/21 at 9:07 pm to papasmurf1269
Posted on 7/9/21 at 9:07 pm to papasmurf1269
How do you opt out?
2
Posted on 7/9/21 at 9:08 pm to DiamondDog
quote:
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”
I think this is just a slight increase in the regular child tax credit and they're paying half of it in advance and the other half like the normal credit. So even if you don't qualify for the additional on top of the normal 2000, you should still get the 2000 credit at tax time.
Posted on 7/9/21 at 9:11 pm to TigerBait1971
quote:I can’t remember where my wife found it but just Google it and something will pop up to tell you how to do it
How do you opt out
Posted on 7/9/21 at 9:43 pm to papasmurf1269
Opted out the day it was available...I’m no tax genius but I have zero confidence in anything that bumbling idiot proposes or passes on to us
Posted on 7/9/21 at 10:04 pm to GetCocky11
quote:
You can unenroll and claim the whole thing in next years taxes if you want.
Not anymore you can’t. Deadline to unenroll was the 28th.
Posted on 7/9/21 at 10:05 pm to HogsWillRiseAgain
The deadline has passed to opt out, the people who should have opted out of it are the people who made less in 2020 and had a much better 2021 that would put them above the threshold because it has to be paid back if it turns out you’re not eligible.
This post was edited on 7/9/21 at 10:06 pm
Posted on 7/9/21 at 10:12 pm to Don Lemonade
quote:
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?
Trump raised the child tax credit a few years ago. The COVID "stimulus" bill almost doubled that amount. So basically all the monthly payments (6) being sent out now are just the increase from the COVID bill and the amount next spring is the normal credit.
And yes, some politicians are trying to make it permanent.
Posted on 7/10/21 at 10:10 am to lsu xman
We unenrolled from it. What a mess to go thru the process though. Many are going to be surprised next April when they don't get back what they're used to.
Posted on 7/10/21 at 10:11 am to lsu xman
You do know this is coming from the pocket of taxpayers, right?
Posted on 7/10/21 at 10:17 am to JumpingTheShark
You can opt out on the IRS website. I think you are too late for the first payment but I believe you can still opt out for subsequent payments
Posted on 7/10/21 at 10:46 am to BigJman
quote:
Guess I’m missing how you “rake it in” then
Right. They are just paying us the credit we’d be owed anyway, earlier. More money in my pocket now is better than getting it later.
Posted on 7/10/21 at 10:50 am to lsu xman
I refused it. Don’t want to owe at the end possibly. There are going to be a lot of pissed off dummies come tax time that didn’t realize it was an advance.
Posted on 7/10/21 at 11:03 am to fallguy_1978
quote:
You can opt out on the IRS website. I think you are too late for the first payment but I believe you can still opt out for subsequent payments
This is accurate. A lot of misinformation in this thread but that’s nothing new. There are multiple deadlines to opt out of future payments but the longer you wait the more early payments you get. Either way you are going to get the same exact amount. Your options are to opt out completely and get it all next year when you file taxes or get half of it within the next 6 months in monthly payments and the other half in it’s entirety when you file taxes.
Posted on 7/10/21 at 11:11 am to jpggpj
So the stated purpose is to put the money in the hands of parents earlier, right?
I haven’t really paid any attention to it as I don’t have kids so it doesn’t really directly affect me either way, but the general health of the economy affects me.
I haven’t really paid any attention to it as I don’t have kids so it doesn’t really directly affect me either way, but the general health of the economy affects me.
Posted on 7/10/21 at 11:12 am to jpggpj
Can opt out 3 days prior to the payment date of each month.
I imagine 90%+ of people with children in LA will get the full amount. AGI of 75/150K is not a small amount.
I imagine 90%+ of people with children in LA will get the full amount. AGI of 75/150K is not a small amount.
Posted on 7/10/21 at 11:48 am to supadave3
quote:
So the stated purpose is to put the money in the hands of parents earlier, right?
Exactly.
Posted on 7/10/21 at 11:52 am to Jay Are
quote:
What is your definition of the middle class?
You think $75k a year is wealthy?
Posted on 7/10/21 at 11:54 am to DiamondDog
quote:
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”
The goal is to make the upper middle class go away. At that point, we're all lower class and we all get nothing. They're just buying votes from morons. Nothing more.
Posted on 7/10/21 at 11:57 am to TigerBait1971
do a search i can't remember the link. but I read today you could opt out.
Posted on 7/10/21 at 11:58 am to lsu xman
So i won’t get much of shite again
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