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?
Advanced Child Tax credit question for 2021
- Thread starter BrunoMars420
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Not necessarily, you'll subtract every dollar you received from July to December from the total credit you're entitled to claim and then report the excess amount, if any, as a child tax credit on your 2021 return.
Ask your tax guy......all you will get here from us is a fine/penalty or a prison sentence.
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.
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.
You can find your adjusted gross income on line 35 of your 1040NR document, and it says you don't owe tax or no refund is expected. I was looking at the information on line 10 of the 1040NR-EZ document, and my analyst said that now the laws are going to change again and the calculation will be different. My husband is filing online through tax filling software in 2022 will also be filing for a refund. When you fill in all the information, you have to click E-File My Return. Without a SSN number you can not do this and should know it in advance when you create an account.
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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.
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.
You're also able to claim more of your child care costs. So hopefully it makes up some of the difference.
I thought this program was an odd thing to do. At a minimum - it’s wild that we needed to mobilize to get people an advance on their tax refund (that had been withheld from paychecks).
However… if people get a “surprise” as a result of this money - they are morons.
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?
Most of those same people won't realize that there's an Enhanced Child Tax Credit either. Which means that these advanced credits will pretty much even out and they'll still get the same CTC that they do in a normal year.
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 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 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 was wondering about this as last time I did taxes my son was on my ex’s taxes but I will get him on mine the filings for last year.
That’s what did, basically as a holding spot until my taxes are filed and I just give it back
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