Announcement

Collapse
No announcement yet.

Advanced Child Tax Credit

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Advanced Child Tax Credit

    So somehow I got $333 this month. I thought my 2020 income would exclude me. How do I give this back? Wait until tax filing? I'm confused on the amount given as well with 3 kids under 6 (1 a newborn so not on 2020 filing).

  • #2
    What's your 2020 AGI?

    Comment


    • #3
      You can go to the irs website and refuse further payments. You have to verify yourself with an id, but it’s pretty easy.

      Comment


      • #4
        Originally posted by VentAlarm View Post
        You can go to the irs website and refuse further payments. You have to verify yourself with an id, but it’s pretty easy.
        Why would someone do this? If it were a mistake I guess it makes sense but otherwise they are just giving us a free loan right?

        Comment


        • #5
          Originally posted by Lordosis View Post

          Why would someone do this? If it were a mistake I guess it makes sense but otherwise they are just giving us a free loan right?
          I don’t want to be outside of the safe harbor.

          Comment


          • #6
            Ok figured it out. AGI high enough to not get new child tax credit but low enough to get whole old child tax credit. So $2k*3 kids = $6k. But then IRS doesn't know about newborn so they think I will only qualify for $4k which they are giving half of in 6 monthly payments from July to December. So $2k/6 months = $333 when rounded to whole dollar. I'll get the rest $4k at 2021 filing at 2022.

            Basically everyone who has kids will be getting checks/deposits as long as they are not beyond full old phase out which is super high income.

            Comment


            • #7
              I also thought we would have been excluded based on 2020 income but we got a check in the mail today as well. Do I just cash this and basically know that it will be coming back to the government in 6-9 months when I file my taxes?

              Comment


              • #8
                Originally posted by centrebaseball View Post
                I also thought we would have been excluded based on 2020 income but we got a check in the mail today as well. Do I just cash this and basically know that it will be coming back to the government in 6-9 months when I file my taxes?
                From what I read there is no penalty associated with taking the advance which makes sense because your 2021 AGI is not a done deal. It's probably easiest to cash it and then figure things fully when filing.

                Comment

                Working...
                X