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Author Topic: Enhanced Child Tax Credit  (Read 8475 times)

Offline Kobe Bryant

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Re: Enhanced Child Tax Credit
« Reply #60 on: July 14, 2021, 10:20:20 PM »
Why don't I just set my withholdings to $0 then
Because the IRS will penalize you.

Offline yitzgar

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Re: Enhanced Child Tax Credit
« Reply #61 on: July 14, 2021, 10:42:17 PM »
Because the IRS will penalize you.
Make quarterly payments

Offline yesitsme

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Re: Enhanced Child Tax Credit
« Reply #62 on: July 14, 2021, 11:13:34 PM »
Because sometimes when you take a loan and spend it in the pizza shop its not fun when its due

Offline elazarmn

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Re: Enhanced Child Tax Credit
« Reply #63 on: July 14, 2021, 11:35:41 PM »
Because sometimes when you take a loan and spend it in the pizza shop its not fun when its due
put it in a mutual fund and pull at the end of the year...then dump proceeds in IRA :)

Offline yitzgar

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Re: Enhanced Child Tax Credit
« Reply #64 on: July 14, 2021, 11:36:58 PM »
put it in a mutual fund and pull at the end of the year...then dump proceeds in IRA :)
Needto make quarterly estimated payments...

Offline yesitsme

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["-"]

Offline lubaby

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Re: Enhanced Child Tax Credit
« Reply #66 on: July 15, 2021, 07:03:00 AM »
Got it :)

Offline yesitsme

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Re: Enhanced Child Tax Credit
« Reply #67 on: July 15, 2021, 07:18:34 AM »
Exact same issue with me. The IRS got their math off with $50, Unless they have my 5yr old as a 6 yr old.
Same here
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Offline YitzyS

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Re: Enhanced Child Tax Credit
« Reply #68 on: July 15, 2021, 07:25:33 AM »
Got it :)
+1

Money available for use already. Chase Bank.
Monkeys don't fly unless you put them on airplanes

Offline shapsam

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Re: Enhanced Child Tax Credit
« Reply #69 on: July 15, 2021, 07:48:38 AM »
Got the money.

On a side note, does anyone know why I got a few hundred dollar check from the state of NJ this week?

Offline ttn

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Re: Enhanced Child Tax Credit
« Reply #70 on: July 15, 2021, 08:02:26 AM »

Offline TimT

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Re: Enhanced Child Tax Credit
« Reply #71 on: July 15, 2021, 08:15:13 AM »
What are you guys who are getting less then you should be, doing ?

Offline hvaces42

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Re: Enhanced Child Tax Credit
« Reply #72 on: July 15, 2021, 08:25:26 AM »
I got more than expected. Letter said I would get $250 and I got $500. Based on 2019 Return obviously as my son turned 17 in 2020 and I havent filed 2020 yet.
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Offline neveryou

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Re: Enhanced Child Tax Credit
« Reply #73 on: July 15, 2021, 09:05:04 AM »
I only got for 1 kid, my 2nd kid was born in 2020, I filed taxes 2 months ago but it's still processing. How do I add my 2nd kid?

Offline yos9694

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Re: Enhanced Child Tax Credit
« Reply #74 on: July 15, 2021, 09:20:49 AM »
I only got for 1 kid, my 2nd kid was born in 2020, I filed taxes 2 months ago but it's still processing. How do I add my 2nd kid?

https://www.irs.gov/credits-deductions/child-tax-credit-update-portal

Currently lets you opt-out but not tell them to adjust the amount. That feature may be added soon though

Offline JACKBLUE

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Re: Enhanced Child Tax Credit
« Reply #75 on: July 15, 2021, 09:22:40 AM »
How much do you get per child?

Offline TimT

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Re: Enhanced Child Tax Credit
« Reply #76 on: July 15, 2021, 09:25:55 AM »
How much do you get per child?
3600 for the year under age 6 & 3000 for 6-17. 300 or 250 monthly

Offline JACKBLUE

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Re: Enhanced Child Tax Credit
« Reply #77 on: July 15, 2021, 09:26:27 AM »
3600 for the year under age 6 & 3000 for 6-17. 300 & 250 monthly
Income related?

Offline TimT

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Re: Enhanced Child Tax Credit
« Reply #78 on: July 15, 2021, 09:29:50 AM »
Income related?
IIRC itís up to $75,000 for single & $150,000 for a couple filing jointly.

Offline yos9694

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Re: Enhanced Child Tax Credit
« Reply #79 on: July 15, 2021, 09:29:57 AM »
How much do you get per child?

For children 0-5: Get $300 per month in July-Dec, and $1,800 when you file 2021 taxes

For children 6-17: Get $250 and $1,500.

Dependents ages 18-24: Get $0 now and $500 when you file.

All of these are subject to phase-out limits based on income. The phase-out formula is not straightforward- for married joint filers it starts to drop by $50 per $1000 in income over the 150,000 threshold, but it is not completely phased out until you earn $500,000.