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child tax credit in 2021 with new bill passed

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  • Ekanive23
    replied
    Originally posted by JBME View Post

    Really? Awesome. I’m a bit surprised because I’m sure it’s over 1000 pages. Who has time to read that? And I’m sure I underestimated how many pages it is
    It’s not hard to find and I did it while laying on the floor waiting for my kid to pass out in his bed. He won’t let me leave until he’s asleep. So I did it without control find.

    the table of contents was very very very helpful. Read 5 pages in total excluding my trudge through the table of contents

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  • JBME
    replied
    Originally posted by Ekanive23 View Post


    no the bill adds 1000 or 1600 to the 2000. We still get ours.

    I actually read the bill. I was that tweaked having 4 kids lol
    Really? Awesome. I’m a bit surprised because I’m sure it’s over 1000 pages. Who has time to read that? And I’m sure I underestimated how many pages it is

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  • ACN
    replied
    If I didn't work so hard, I'd qualify. I need to stop taking extra call

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  • Ekanive23
    replied
    Originally posted by JBME View Post
    I realize it's not quite law yet but I've researched around on this and think this part of the COVID bill will survive: the child tax credit. We're a family with a modified AGI between $200-$400k. For 2020 we're going to claim the child tax credit which is big for us because it's $2k per child and we have 3 and we fall below $400k to qualify. I'm very confused about the latest bill that passed the senate and is going to be approved by the House and Biden will sign. Not interested in the politics but interested in figuring out if we'll continue to get this credit in 2021. As I understand it the credit has increased even more but HH AGI cannot be more than $200k. We're over that. Does the current bill replace the old child tax credit? Basically trying to see if we're going to lose that big tax credit.

    no the bill adds 1000 or 1600 to the 2000. We still get ours.

    I actually read the bill. I was that tweaked having 4 kids lol

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  • JBME
    replied
    Awesome! Yes, a pretty reliable source and it says this is a tax credit expansion rather than a replacement. Thank you! happy I won't be losing the credit in 2021

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  • jfoxcpacfp
    replied
    Originally posted by uksho View Post
    There was another article in kiplinger from March 6, by Joy Taylor , I am not able to post the link .
    I believe this is it.

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  • uksho
    replied
    There was another article in kiplinger from March 6, by Joy Taylor , I am not able to post the link .

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  • JBME
    replied
    Originally posted by justlearning View Post
    appreciate the link and sorry to be a stickler: the funny thing is the article you sent has a link they use to cite that we still get $2k/child. I clicked on the link which took me to some accountant journal. I read it twice and I don't see anywhere in there where it says we'll still get $2k/child as long as AGI is under $400k. So they cited a source but the source cited doesn't say that!

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  • Lordosis
    replied
    Either way it the extra is not going to families who make over 150K so we are out as an evil rich family

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  • justlearning
    replied
    Here is a good article about it;

    https://www.cnbc.com/2021/03/09/how-3000-dollar-child-tax-credit-works.html

    Families that are ineligible for the new $3,000 credit due to earning higher adjusted gross incomes would still be able to claim the $2,000 per child credit which is available to those making up to $200,000 ($400,000 for married couples filing jointly).

    Leave a comment:


  • JBME
    replied
    No, the money is coming this year. The $1400 payments are coming immediately and I believe these child tax credit payments are coming monthly shortly thereafter, not next year. I think this all gets figured out next year at tax time but the payments start well before. I would love to see something that shows this is in addition to the $2000/child tax credit but haven't found anything yet. I'm also not sure I'm a bad person because I'm "rich" whatever that means

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  • uksho
    replied
    Originally posted by GastroMastro View Post

    I believe it’s still $400,000 but the ADDITIONAL credit beyond the $2000/child has an income limit
    I have the same understanding. Spent some time reading news articles about it .

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  • Lordosis
    replied
    If this money isn't coming until next year why is it part of a covid relief bill? 🙄

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  • VentAlarm
    replied
    Originally posted by JBME View Post
    I realize it's not quite law yet but I've researched around on this and think this part of the COVID bill will survive: the child tax credit. We're a family with a modified AGI between $200-$400k. For 2020 we're going to claim the child tax credit which is big for us because it's $2k per child and we have 3 and we fall below $400k to qualify. I'm very confused about the latest bill that passed the senate and is going to be approved by the House and Biden will sign. Not interested in the politics but interested in figuring out if we'll continue to get this credit in 2021. As I understand it the credit has increased even more but HH AGI cannot be more than $200k. We're over that. Does the current bill replace the old child tax credit? Basically trying to see if we're going to lose that big tax credit.
    Don’t have the link, but I read something saying it will essentially act like a bonus 1600/child if you fall under 200k. So 150-400k will still be 2000/child, but it will be 3600 if under. Remember: you’re the bad guy because you’re rich.

    Leave a comment:


  • JBME
    replied
    Originally posted by WorkingToFish View Post
    Okay - I have an additional question...

    I am holding off on filing my taxes for the time being. Will this bill affect 2020 child tax credit - or is it for next year? I have two kids so currently get a $4000 credit but still owe just under $600 on federal taxes this year. I have been waiting to file since I can't seem to find a clear answer. Seems as though it's not until 2021 tax season - but apparently you can start getting a monthly $300 check per kid starting in July 2020.
    I can’t speak to the fact that people can start getting monthly payments this year but this is for 2021 income. I have three kids and am about to file and will be using the $6k tax credit as that was the law as of December 31, 2020

    Leave a comment:

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