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Author Topic: Enhanced Child Tax Credit  (Read 9818 times)

Online iwlw2

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Re: Enhanced Child Tax Credit
« Reply #80 on: July 15, 2021, 09:38:31 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?
Do these things work alphabetically or something, cause I'm at the end of the alphabet, and I'm still waiting for both thr NJ check and the CTC.....

Offline yelped

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Offline yos9694

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Re: Enhanced Child Tax Credit
« Reply #82 on: July 15, 2021, 09:55:15 AM »
Do these things work alphabetically or something, cause I'm at the end of the alphabet, and I'm still waiting for both thr NJ check and the CTC.....

Please check back in 6-8 months, Mr. Zwykiowski

Offline Kobe Bryant

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Re: Enhanced Child Tax Credit
« Reply #83 on: July 15, 2021, 10:06:10 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.
You will need to reconcile on tax return.

Offline Kobe Bryant

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Re: Enhanced Child Tax Credit
« Reply #84 on: July 15, 2021, 10:07:08 AM »
Limit $150,000 gross income, not AGI. :(
Incorrect.

Offline yelped

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Re: Enhanced Child Tax Credit
« Reply #85 on: July 15, 2021, 10:07:34 AM »
Incorrect.
So the article is incorrect.

3. Eligibility for the federal stimulus payments was based on adjusted gross income. What is eligibility based on?


The benefit is based on 2020 gross income, which is your income before taxes and deductions.

Offline M218

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Re: Enhanced Child Tax Credit
« Reply #86 on: July 15, 2021, 10:09:06 AM »
My tax return got adjusted to a higher amount, then I received 2 payments one for adjusted amount and one $1400 anything to do with this?

Offline cgr

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Re: Enhanced Child Tax Credit
« Reply #87 on: July 15, 2021, 10:10:03 AM »
My tax return got adjusted to a higher amount, then I received 2 payments one for adjusted amount and one $1400 anything to do with this?
1400 is probably a round 3 stimulus payment.

Offline Kobe Bryant

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Re: Enhanced Child Tax Credit
« Reply #88 on: July 15, 2021, 10:11:06 AM »
So the article is incorrect.

3. Eligibility for the federal stimulus payments was based on adjusted gross income. What is eligibility based on?


The benefit is based on 2020 gross income, which is your income before taxes and deductions.
“The Child Tax Credit begins to be reduced to $2,000 per child if your modified AGI in 2021 exceeds:

$150,000 if married and filing a joint return or if filing as a qualifying widow or widower;
$112,500 if filing as head of household; or
$75,000 if you are a single filer or are married and filing a separate return.
The first phaseout reduces the Child Tax Credit by $50 for each $1,000 (or fraction thereof) by which your modified AGI exceeds the income threshold described above that is applicable to you.“

Offline cgr

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Re: Enhanced Child Tax Credit
« Reply #89 on: July 15, 2021, 10:11:11 AM »
I'm receiving countless reports of people who are either:
A) missing payments for a few of their children
B) Received $50 less than expected (and don't have a 5 year old turning 6 before year end)

Offline cgr

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Re: Enhanced Child Tax Credit
« Reply #90 on: July 15, 2021, 10:12:03 AM »
“The Child Tax Credit begins to be reduced to $2,000 per child if your modified AGI in 2021 exceeds:

$150,000 if married and filing a joint return or if filing as a qualifying widow or widower;
$112,500 if filing as head of household; or
$75,000 if you are a single filer or are married and filing a separate return.
The first phaseout reduces the Child Tax Credit by $50 for each $1,000 (or fraction thereof) by which your modified AGI exceeds the income threshold described above that is applicable to you.“
Over $170k there's no advance payments. You can claim the $2k on your tax return.

Offline yelped

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Re: Enhanced Child Tax Credit
« Reply #91 on: July 15, 2021, 10:13:28 AM »
“The Child Tax Credit begins to be reduced to $2,000 per child if your modified AGI in 2021 exceeds:

$150,000 if married and filing a joint return or if filing as a qualifying widow or widower;
$112,500 if filing as head of household; or
$75,000 if you are a single filer or are married and filing a separate return.
The first phaseout reduces the Child Tax Credit by $50 for each $1,000 (or fraction thereof) by which your modified AGI exceeds the income threshold described above that is applicable to you.“
Sir, you didn't read what I was quoting. I was quoting someone discussing the NJ tax rebate.

Online Euclid

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Re: Enhanced Child Tax Credit
« Reply #92 on: July 15, 2021, 10:15:46 AM »
Over $170k there's no advance payments. You can claim the $2k on your tax return.
I thought it only gets phased out by $500k? I know someone whose 2020 AGI was >$200k and has 4 kids and got an advance payment...

Offline Kobe Bryant

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Re: Enhanced Child Tax Credit
« Reply #93 on: July 15, 2021, 10:17:17 AM »
Sir, you didn't read what I was quoting. I was quoting someone discussing the NJ tax rebate.
I stand corrected. I like staying on topic.

Offline cgr

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Re: Enhanced Child Tax Credit
« Reply #94 on: July 15, 2021, 10:18:46 AM »
I thought it only gets phased out by $500k? I know someone who's 2021 AGI was >$200k and has 4 kids and got an advance payment...
2020 I'm assuming?

For each $1,000 earned above the $150,000/$75,000 AGI limit, the CTC refund will be reduced by $50, until the base $2,000 credit is hit. The credit does not get reduced below $2,000 until an individual earns over $200,000 and a couple filing jointly earns over $400,000, at which point the credit phases out again at a rate of $50 for each $1,000 above this threshold.

Households eligible for the base $2k (or less) credit should not be seeing advance payments. That being said I have so many dps of wrong payments, that I'm not surprised.

Online Euclid

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Re: Enhanced Child Tax Credit
« Reply #95 on: July 15, 2021, 10:25:35 AM »
2020 I'm assuming?

For each $1,000 earned above the $150,000/$75,000 AGI limit, the CTC refund will be reduced by $50, until the base $2,000 credit is hit. The credit does not get reduced below $2,000 until an individual earns over $200,000 and a couple filing jointly earns over $400,000, at which point the credit phases out again at a rate of $50 for each $1,000 above this threshold.

Households eligible for the base $2k (or less) credit should not be seeing advance payments. That being said I have so many dps of wrong payments, that I'm not surprised.
Does the amount of kids matter for the phasing out? i.e. do they adjust the AGI?

Offline met

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Re: Enhanced Child Tax Credit
« Reply #96 on: July 15, 2021, 10:26:00 AM »
How much was the tax credit per child in previous years (before it was “enhanced”)?

Offline cgr

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Re: Enhanced Child Tax Credit
« Reply #97 on: July 15, 2021, 10:26:52 AM »
Does the amount of kids matter for the phasing out? i.e. do they adjust the AGI?
No.

Offline cgr

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Re: Enhanced Child Tax Credit
« Reply #98 on: July 15, 2021, 10:28:29 AM »
How much was the tax credit per child in previous years (before it was “enhanced”)?
$2,000, with the refundable portion capped at $1,400 or 15% of income- whichever is less. A minimum of $2,500 in earned income was required to claim the credit.

Offline etech0

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Re: Enhanced Child Tax Credit
« Reply #99 on: July 15, 2021, 10:34:09 AM »
Anyone else see this for Eligibility?
Quote
Pending. You will not receive advance payments at this time.
Workflowy. You won't know what you're missing until you try it.