Child Tax “Credit”

[avoiding injuries 1,220]

Sometime during the summer after a stimulus bill was passed I got a letter saying I would be receiving a few hundred bucks a month as a child tax credit. It was direct deposited every month without me signing up or agreeing. Whatever, I didn’t need the money but I thought it was more government waste that was being sent to me. 
Nope. Got my notices yesterday from the IRS that I owe back all the money when my taxes are due. 
I don’t understand the point of this. Luckily, I won’t have a problem paying this back, but what about people who got it, spent it and now don’t have it to pay back? Seems awfully suspicious what the motive was behind this. 
 

Anyone else experiencing this?

[supermike80 1,285]

Yes.   It was published so many times, through so many outlets, that this was an advance on the usual end of year child tax credit.

We discussed it here.  We discussed that millions of Americans are so fundamentally ignorant they wouldn't pay attention to this and there would be a giant uprising / riot/ b!tch session because now they won't get as much of a refund, or even might have to actually pay taxes.

I said that the uproar would lead to the Democrats trying to waive this somehow so those poor idiots that don't pay attention to a damn thing wont get "penalized" by this.

[Gladiators 1,903]

I think I got one deposit.  Haven't received a letter yet, but the firm who does my taxes told me I'd have to pay it back.

There was another thread about this last summer.  I believe I said in that one a lot of people aren't going to be happy come tax time...Pretty sure Wiff started it to tell us about how this was "real money for single moms to be able to afford rent" or some other BS.

[avoiding injuries 1,220]

The IRS letter said families making over $60k have to pay it back. Anyone over but close to that amount, the money was probably helpful for them and a burden to pay it back. Hopefully a lot of middle class democrats. 

[Sean Mooney 1,184]

You had the ability to opt out. The letters in the summer indicated that.

 

Plus you only have to pay back if what you got from your child tax credit exceeded what you should have got. If you did not get back as much as you should have you still get that at tax time. 

[Gladiators 1,903]

7 minutes ago, Sean Mooney said:

You had the ability to opt out. The letters in the summer indicated that.

 

Plus you only have to pay back if what you got from your child tax credit exceeded what you should have got. If you did not get back as much as you should have you still get that at tax time. 

You could opt out, but it was a pain in the ass and not worth the time.

[Sean Mooney 1,184]

3 minutes ago, Gladiators said:

You could opt out, but it was a pain in the ass and not worth the time.

But you had the option...if you didn't and now you are upset about having to pay money back (not saying the OP is)...well that's just silly and people are upset because their laziness isn't being rewarded

[Gladiators 1,903]

4 minutes ago, Sean Mooney said:

But you had the option...if you didn't and now you are upset about having to pay money back (not saying the OP is)...well that's just silly and people are upset because their laziness isn't being rewarded

Most people likely didn't even read the letter.  In fact, I don't even recall getting one.  I know people are going to be whining come tax time...not that I care.

I also wasn't comfortable with the process they required to opt out and thought it was BS.  It should have been an opt-in to receive it in my opinion.

[Sean Mooney 1,184]

6 minutes ago, Gladiators said:

Most people likely didn't even read the letter. 

Again- I'm not going to excuse laziness from people. 

[Gladiators 1,903]

Just now, Sean Mooney said:

Again- I'm not going to excuse laziness from people. 

And I don't think anyone is asking you to.  We're on the same page.

[NorthernVike 2,080]

43 minutes ago, avoiding injuries said:

The IRS letter said families making over $60k have to pay it back. Anyone over but close to that amount, the money was probably helpful for them and a burden to pay it back. Hopefully a lot of middle class democrats. 

Are you single or married?  

[Sean Mooney 1,184]

1 minute ago, Gladiators said:

And I don't think anyone is asking you to.  We're on the same page.

Ok cool.

And like I said- I think the only way you pay it back is if you got more than you should have. Case in point- on your 2020 tax returns you have 3 kids listed and thus got 3 kids worth of money. But in 2021 your one child aged out of that bracket and so technically you only had 2 children you should have received the tax credit for. In that case you are paying back in because you got more than you were owed. 

[Fireballer 2,369]

The way I read it was that the tax credit was upped, and these payments were an advance on  half the amount of what your child credit would be on your 2021 return. Therefore, your return will be lower or non existent based on your own personal filing.  Another problem is gonna be for people who may have worked alot of overtime in 2021 due to job shortages.  If your credit was based on making under the threshold on your 2020 taxes, and 2021 is over the threshold, you may be upset come tax time.

[MTSkiBum 1,593]

Stupidest idea ever. 

The democrats are going to get pummeled for this.

[supermike80 1,285]

1 minute ago, MTSkiBum said:

Stupidest idea ever. 

The democrats are going to get pummeled for this.

Not if they find a way to "forgive" it.    They will be heroes.

[Fireballer 2,369]

The tax credit was bumped to 3k from 2k. So with 3 kids, your previous 6k credit is 9k. You got forwarded $4500 over 6 months, now your credit on your return is $4500.  Which is obviously less than the 6k you got as your credit in previous years. So yeah, peeps gonna be flipping out at the Jackson Hewitts inside Walmart.

[supermike80 1,285]

1 minute ago, Fireballer said:

The tax credit was bumped to 3k from 2k. So with 3 kids, your previous 6k credit is 9k. You got forwarded $4500 over 6 months, now your credit on your return is $4500.  Which is obviously less than the 6k you got as your credit in previous years. So yeah, peeps gonna be flipping out at the Jackson Hewitts inside Walmart.

Liberty Tax Service is another

 

[Fireballer 2,369]

1 minute ago, supermike80 said:

Liberty Tax Service is another

 

OMG...those poor people that stand out on the street with the Lady Liberty costumes...

[TBayXXXVII 2,107]

1 hour ago, supermike80 said:

Not if they find a way to "forgive" it.    They will be heroes.

Which is what their plan was when they did this.  They knew this would mostly burden the poor people and disproportionately minorities.  It's just manipulation to keep slaves.

[TBayXXXVII 2,107]

I'm glad my only child is 25 years old and I don't have to worry about this nonsense.

[supermike80 1,285]

22 minutes ago, TBayXXXVII said:

I'm glad my only child is 25 years old and I don't have to worry about this nonsense.

I guess.   But I'd hope if you did have to worry you wouldnt go  "Hey look...Free money from the gubbermint!  I'm not going to look into this in any way whatsoever, I'll just spend it!"

[TBayXXXVII 2,107]

4 minutes ago, supermike80 said:

I guess.   But I'd hope if you did have to worry you wouldnt go  "Hey look...Free money from the gubbermint!  I'm not going to look into this in any way whatsoever, I'll just spend it!"

I NEVER trust the government when it comes to money.  Any time I get money, even when Bush sent it out, I was very skeptical.  I have a savings account that I never touch, in case of emergencies.  Any money I get from the government goes right in there, so that I can get it out and send it back, if necessary.  That's where this money would go if I got it.

[Kopy 489]

Anyone think this was just an experiment to see exactly just how many stupid people are in the United States? Kinda like a money census 

[Alias Detective 1,179]

2 hours ago, Sean Mooney said:

Again- I'm not going to excuse laziness from people. 

Except when it comes to getting an id to vote.  Now, Fock off.

[Frozenbeernuts 1,652]

I will admit that I'm probably focked on this one. I have been getting the payments. I didn't read the letter

[Hardcore troubadour 12,589]

4 minutes ago, Alias Detective said:

Except when it comes to getting an id to vote.  Now, Fock off.

POW! 

[Hardcore troubadour 12,589]

I got the money over the last months. If I get less back on my taxes or have to pay then so be it. The math will work out in the end, I won’t be losing any money. This isn’t a big deal. 

[Cdub100 3,367]

As I stated in the other thread. This is going to butt fock the normie American. Most Americans use taxes as a forced savings account. They need that big return to buy a used car or get the one they have fixed, house repairs or just catch up on bills.

The only thing that helps is raising the tax credit so it won't be as bad/noticeable to the idiot public and the Dems knew that.. 

[Hardcore troubadour 12,589]

 If people are getting less they won’t be going on spending sprees this spring like usual. Oh well. 

[Sean Mooney 1,184]

2 hours ago, Alias Detective said:

Except when it comes to getting an id to vote.  Now, Fock off.

What the hell are you talking about?

Pull your head out of your own a$$

[TimHauck 1,795]

12 hours ago, supermike80 said:

Yes.   It was published so many times, through so many outlets, that this was an advance on the usual end of year child tax credit.

We discussed it here.  We discussed that millions of Americans are so fundamentally ignorant they wouldn't pay attention to this and there would be a giant uprising / riot/ b!tch session because now they won't get as much of a refund, or even might have to actually pay taxes.

I said that the uproar would lead to the Democrats trying to waive this somehow so those poor idiots that don't pay attention to a damn thing wont get "penalized" by this.

Isn’t an advance different than the OP claiming he has to pay it back?

[KSB2424 3,082]

20 minutes ago, TimHauck said:

Isn’t an advance different than the OP claiming he has to pay it back?

You funny. 

[shorepatrol 1,735]

11 hours ago, Sean Mooney said:

Again- I'm not going to excuse laziness from people. 

You're a liberal. You vote to reward laziness. That may be the dumbest sh!t you've ever said. 

[TimHauck 1,795]

7 hours ago, KSB2424 said:

You funny. 

Huh?

Edit:  I see people may be asked to pay it back if they got more than they were supposed to (and pretty sure the $60k number OP said is wrong).  But I can’t imagine that happened much.  I am sure people will complain about not getting as big of a refund as they’re used to which is stupid, but again, that’s different than having to pay it back.

[Alias Detective 1,179]

1 hour ago, TimHauck said:

Huh?

Edit:  I see people may be asked to pay it back if they got more than they were supposed to (and pretty sure the $60k number OP said is wrong).  But I can’t imagine that happened much.  I am sure people will complain about not getting as big of a refund as they’re used to which is stupid, but again, that’s different than having to pay it back.

As indicated earlier.  THE PROCESS TO OPT OUT WAS A COMPLETE PAIN IN THE ASS.

I tried to opt out and gave up because what was needed to do so.  Every dollar we got we owe back.

[TimHauck 1,795]

1 hour ago, Alias Detective said:

As indicated earlier.  THE PROCESS TO OPT OUT WAS A COMPLETE PAIN IN THE ASS.

I tried to opt out and gave up because what was needed to do so.  Every dollar we got we owe back.

But wasn’t opting out primarily to prevent getting an advance and thus if you didn’t opt out for most people just not getting as big of a tax return?

[Fireballer 2,369]

1 hour ago, Alias Detective said:

As indicated earlier.  THE PROCESS TO OPT OUT WAS A COMPLETE PAIN IN THE ASS.

I tried to opt out and gave up because what was needed to do so.  Every dollar we got we owe back.

What do you mean "we owe back"?  You're saying if you got $250 a month then you're return will be $1500 less than normal?  

[avoiding injuries 1,220]

3 hours ago, TimHauck said:

Huh?

Edit:  I see people may be asked to pay it back if they got more than they were supposed to (and pretty sure the $60k number OP said is wrong).  

Literally reading from the letter. 
You are not required to repay if your MAGI for 2021 was less than:

$60,000 for filing jointly

$50,000 filing Head of Household

$40,000 filing as an Individual

[TimHauck 1,795]

1 hour ago, avoiding injuries said:

Literally reading from the letter. 
You are not required to repay if your MAGI for 2021 was less than:

$60,000 for filing jointly

$50,000 filing Head of Household

$40,000 filing as an Individual

That’s only if you got more than you should have. Which would have only happened if you made enough more money in 2021 compared to 2020 that put you into a different threshold, or something else changed with your filing status or children.

And those amounts would be you don’t have to pay any back.  You’d only even have to pay all of it back if it was $80k/$100k/$120k.

https://www.irs.gov/credits-deductions/2021-child-tax-credit-and-advance-child-tax-credit-payments-topic-h-reconciling-your-advance-child-tax-credit-payments-on-your-2021-tax-return
 

[Alias Detective 1,179]

3 hours ago, Fireballer said:

What do you mean "we owe back"?  You're saying if you got $250 a month then you're return will be $1500 less than normal?  

I don’t pay enough through the year.  I always owe the IRS.  The money I received is just more I have to pay in.  In other words, I owe it back since I use the deduction as a deduction.  Not to supplement my income monthly.