Enhanced Child Tax Credit

[Baruch]

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)

B +1

[Baruch]

Not sure what to make of footnote [2], the last sentence. Anyone care to shed some light?
It's not mentioned in the IRS' guidance that I've seen.

I think it has to do with the promise not to raise taxes on anyone earning less than 400k, so the non expanded portion of the CTC can't phase out faster than before.

[AsherO]

Don't forget to separate maiser from the $ received.

AYLOR, if you pay more in taxes than the credit, then I’m not so sure (not proficient at all with the intricacies of maaser laws/rules/practices)

[Iz]

AYLOR, if you pay more in taxes than the credit, then I’m not so sure (not proficient at all with the intricacies of maaser laws/rules/practices)

That's the easy part. The hard part is the details of the tax laws.

[AsherO]

That's the easy part. The hard part is the details of the tax laws.

AYLcgr

[yos9694]

Who should be refunding you for the child that you got? 

The kohen, sometimes

[yesitsme]

Having children and earning money is a double crime, sorry

[AsherO]

Having children and earning money is a double crime, sorry

It’s double the punishment too, apparently

[dealsrus]

Logged in and says "Pending. You will not receive advance payments at this time."

[1avigrun]

Logged in and says "Pending. You will not receive advance payments at this time."

looks like they can’t print the money as fast as they’re spending it

[etech0]

Logged in and says "Pending. You will not receive advance payments at this time."

+1

[BCL]

CMIIW this enhancement will raise the credit per kid, but lower my refund when filing taxes.

[Moshe123]

Anyone with TD Bank and received already?

[YitzyS]

Anyone with TD Bank and received already?

Got today TD Bank (even though I updated my banking information to a different bank on the IRS website about 2 weeks ago).

[Kobe Bryant]

AYLOR, if you pay more in taxes than the credit, then I’m not so sure (not proficient at all with the intricacies of maaser laws/rules/practices)

The math is the same. Unless you are referring to someone who would owe taxes when filing.

[Kobe Bryant]

Because sometimes when you take a loan and spend it in the pizza shop its not fun when its due

Tell that to Congress.

[zh cohen]

B) Received $50 less than expected (and don't have a 5 year old turning 6 before year end)

Add me to this list.

[Kobe Bryant]

CMIIW this enhancement will raise the credit per kid, but lower my refund when filing taxes.

Not sure what you are asking. It is an advance on your “refund” one doesn’t need earned income to receive the ECTC.

Here is the basic outline.

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.

[iwlw2]

So I am not sure if this is simply typical government incompetence or what, but not only did I receive $100 less than the amount that should have been according to the IRS calculations (a 2 year old and a kid turning 5 in a month, so no-one turning six before the end of the year), but although my tac refund was direct deposited, I got a paper check in the mail today with my first child tax credit payment (and I even went online to double check with the IRS tool that they had my DD info). Weird. Did anyone see/hear any ideas for getting them to correct the amount or will it be automatically adjusted with next years tax return? Not the end of the world, although as someone pointed out above, it seems money will be worth considerably less next year at this rate so the earlier you can get it the better......

[Moshe123]

B) Received $50 less than expected (and don't have a 5 year old turning 6 before year end)

Me too.
Got my physical check today. Don't ask me why they didn't do direct deposit.