We received some of the Advanced credit and was wondering how it would affect our taxes this year? Do we have to pay back the child tax credit even if it was advanced and not the whole credit?
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Ask your tax guy......all you will get here from us is a fine/penalty or a prison sentence.We received some of the Advanced credit and was wondering how it would affect our taxes this year? Do we have to pay back the child tax credit even if it was advanced and not the whole credit?
Yup!Not you, but it seems a lot of people are going to be in for a big surprise when tax time rolls around. As in, they took the advanced credit not knowing it would most likely reduce what they thought they’d be getting as a refund when they do their taxes. And most of those people have likely already spent the money.
In other words, there are some people who thought it was “free” money in addition to what they expected to get back come tax time. In reality though, it was just what the name suggests… an advancement.
Not you, but it seems a lot of people are going to be in for a big surprise when tax time rolls around. As in, they took the advanced credit not knowing it would most likely reduce what they thought they’d be getting as a refund when they do their taxes. And most of those people have likely already spent the money.
In other words, there are some people who thought it was “free” money in addition to what they expected to get back come tax time. In reality though, it was just what the name suggests… an advancement.
Nice so I have received anything yet child born in February. I’ll still get something even if we’re slightly over the 150 k?Under $150000 AGI as married filing jointly? You're due $3600 per child. If you've received $300/mo per child, you'll have an $1800 credit/child remaining as part of a 2021 refund.
It goes down $1 for every $20 in excess you earn above $150k, until yearly amount is a $2k payout.
Once you make $400k MFJ then the $2000 credit decreases.
Not you, but it seems a lot of people are going to be in for a big surprise when tax time rolls around. As in, they took the advanced credit not knowing it would most likely reduce what they thought they’d be getting as a refund when they do their taxes. And most of those people have likely already spent the money.
In other words, there are some people who thought it was “free” money in addition to what they expected to get back come tax time. In reality though, it was just what the name suggests… an advancement.
I don’t need it at all haven’t received anything, yet. Quite shocking people that make as much as I do(I’m not rich but certainly not poor) need government assistance to pay for day care.Another stiff living on my hard earned tax dollars.
I don't know what you pay, but way back in the day, I was really happy when we could stop paying for child care.I don’t need it at all haven’t received anything, yet. Quite shocking people that make as much as I do(I’m not rich but certainly not poor) need government assistance to pay for day care.
I pay 225 a week. Obviously if someone pays it great but if you cannot afford it on what my family is bringing in you’re being fiscally irresponsible.I don't know what you pay, but way back in the day, I was really happy when we could stop paying for child care.
That’s what did, basically as a holding spot until my taxes are filed and I just give it backI put every monthly payment into an additional savings account since we owe every year.
That’s what did, basically as a holding spot until my taxes are filed and I just give it back