Topic Wiki

Author Topic: Enhanced Child Tax Credit  (Read 34274 times)

Offline Kobe Bryant

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Jan 2017
  • Posts: 3764
  • Total likes: 2280
  • DansDeals.com Hat Tips 17
    • View Profile
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.

Online yitzgar

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Dec 2016
  • Posts: 3083
  • Total likes: 1277
  • DansDeals.com Hat Tips 1
    • View Profile
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

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2014
  • Posts: 5020
  • Total likes: 2237
  • DansDeals.com Hat Tips 4
  • Gender: Male
    • View Profile
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

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Mar 2016
  • Posts: 776
  • Total likes: 106
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: kings County
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 :)

Online yitzgar

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Dec 2016
  • Posts: 3083
  • Total likes: 1277
  • DansDeals.com Hat Tips 1
    • View Profile
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

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2014
  • Posts: 5020
  • Total likes: 2237
  • DansDeals.com Hat Tips 4
  • Gender: Male
    • View Profile
["-"]

Offline lubaby

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2010
  • Posts: 5335
  • Total likes: 736
  • DansDeals.com Hat Tips 12
    • View Profile
Re: Enhanced Child Tax Credit
« Reply #66 on: July 15, 2021, 07:03:00 AM »
Got it :)

Offline yesitsme

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2014
  • Posts: 5020
  • Total likes: 2237
  • DansDeals.com Hat Tips 4
  • Gender: Male
    • View Profile
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
["-"]

Offline YitzyS

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jan 2015
  • Posts: 5552
  • Total likes: 13698
  • DansDeals.com Hat Tips 34
  • Gender: Male
    • View Profile
  • Location: Lakewood, NJ
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.

Online shapsam

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Feb 2017
  • Posts: 3017
  • Total likes: 637
  • DansDeals.com Hat Tips 11
    • View Profile
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

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: May 2016
  • Posts: 665
  • Total likes: 34
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: lakewood
Re: Enhanced Child Tax Credit
« Reply #70 on: July 15, 2021, 08:02:26 AM »

Online TimT

  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • ********
  • Join Date: Dec 2013
  • Posts: 22077
  • Total likes: 7131
  • DansDeals.com Hat Tips 12
    • View Profile
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

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Nov 2013
  • Posts: 5588
  • Total likes: 1148
  • DansDeals.com Hat Tips 14
    • View Profile
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.
Fair warning - Any PMs sent in response to forum posts are fair game for ridicule in public.

Offline neveryou

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: May 2019
  • Posts: 584
  • Total likes: 262
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: US
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

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Aug 2012
  • Posts: 1903
  • Total likes: 899
  • DansDeals.com Hat Tips 6
  • Gender: Male
    • View Profile
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

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2014
  • Posts: 2402
  • Total likes: 401
  • DansDeals.com Hat Tips 4
    • View Profile
  • Location: USA
Re: Enhanced Child Tax Credit
« Reply #75 on: July 15, 2021, 09:22:40 AM »
How much do you get per child?

Online TimT

  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • ********
  • Join Date: Dec 2013
  • Posts: 22077
  • Total likes: 7131
  • DansDeals.com Hat Tips 12
    • View Profile
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

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2014
  • Posts: 2402
  • Total likes: 401
  • DansDeals.com Hat Tips 4
    • View Profile
  • Location: USA
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?

Online TimT

  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • ********
  • Join Date: Dec 2013
  • Posts: 22077
  • Total likes: 7131
  • DansDeals.com Hat Tips 12
    • View Profile
Re: Enhanced Child Tax Credit
« Reply #78 on: July 15, 2021, 09:29:50 AM »
Income related?
IIRC it’s up to $75,000 for single & $150,000 for a couple filing jointly.

Offline yos9694

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Aug 2012
  • Posts: 1903
  • Total likes: 899
  • DansDeals.com Hat Tips 6
  • Gender: Male
    • View Profile
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.