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Author Topic: Enhanced Child Tax Credit  (Read 9300 times)

Offline Baruch

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Re: Enhanced Child Tax Credit
« Reply #140 on: July 15, 2021, 08:56:36 PM »
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

Offline Baruch

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Re: Enhanced Child Tax Credit
« Reply #141 on: July 15, 2021, 09:01:44 PM »

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.

Offline AsherO

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Re: Enhanced Child Tax Credit
« Reply #142 on: July 15, 2021, 09:24:12 PM »
Don't forget to separate maiser from the $ received.

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

Offline Iz

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Re: Enhanced Child Tax Credit
« Reply #143 on: July 15, 2021, 09:30:46 PM »
AYLOR, if you pay more in taxes than the credit, then Iím 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.

Offline AsherO

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Re: Enhanced Child Tax Credit
« Reply #144 on: July 15, 2021, 09:33:48 PM »
That's the easy part. The hard part is the details of the tax laws.

AYLcgr :D

Offline yos9694

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Re: Enhanced Child Tax Credit
« Reply #145 on: July 15, 2021, 09:37:46 PM »
Who should be refunding you for the child that you got?  ;D

The kohen, sometimes

Offline yesitsme

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Re: Enhanced Child Tax Credit
« Reply #146 on: July 15, 2021, 09:48:11 PM »
Having children and earning money is a double crime, sorry
["-"]

Offline AsherO

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Re: Enhanced Child Tax Credit
« Reply #147 on: July 15, 2021, 09:52:02 PM »
Having children and earning money is a double crime, sorry

Itís double the punishment too, apparently :D

Offline dealsrus

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Re: Enhanced Child Tax Credit
« Reply #148 on: July 15, 2021, 11:37:47 PM »
Logged in and says "Pending. You will not receive advance payments at this time."

Offline 1avigrun

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Re: Enhanced Child Tax Credit
« Reply #149 on: July 15, 2021, 11:42:41 PM »
Logged in and says "Pending. You will not receive advance payments at this time."
looks like they canít print the money as fast as theyíre spending it

Offline etech0

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Re: Enhanced Child Tax Credit
« Reply #150 on: July 16, 2021, 12:01:33 AM »
Logged in and says "Pending. You will not receive advance payments at this time."
+1
Workflowy. You won't know what you're missing until you try it.

Offline BCL

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Re: Enhanced Child Tax Credit
« Reply #151 on: July 16, 2021, 12:38:33 AM »
CMIIW this enhancement will raise the credit per kid, but lower my refund when filing taxes.

Offline Moshe123

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Re: Enhanced Child Tax Credit
« Reply #152 on: July 16, 2021, 06:48:49 AM »
Anyone with TD Bank and received already?

Offline YitzyS

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Re: Enhanced Child Tax Credit
« Reply #153 on: July 16, 2021, 07:44:22 AM »
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).
Monkeys don't fly unless you put them on airplanes

Offline Kobe Bryant

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Re: Enhanced Child Tax Credit
« Reply #154 on: July 16, 2021, 09:16:57 AM »
AYLOR, if you pay more in taxes than the credit, then Iím 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.

Offline Kobe Bryant

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Re: Enhanced Child Tax Credit
« Reply #155 on: July 16, 2021, 09:20:34 AM »
Because sometimes when you take a loan and spend it in the pizza shop its not fun when its due
Tell that to Congress.

Offline zh cohen

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Re: Enhanced Child Tax Credit
« Reply #156 on: July 16, 2021, 09:20:49 AM »
B) Received $50 less than expected (and don't have a 5 year old turning 6 before year end)

Add me to this list.

Offline Kobe Bryant

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Re: Enhanced Child Tax Credit
« Reply #157 on: July 16, 2021, 09:29:09 AM »
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 ďrefundĒ one doesnít 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.

Offline iwlw2

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Re: Enhanced Child Tax Credit
« Reply #158 on: July 16, 2021, 04:17:15 PM »
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......

Offline Moshe123

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Re: Enhanced Child Tax Credit
« Reply #159 on: July 16, 2021, 04:28:39 PM »

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.