Wouldn't that be funny? If we get a check we should take 10% and send it to Joe Biden @ White House. Let's see if it get's cashed. If it get's returned to sender you'll have a neat collectors item from the Great Awakening.
You should've received a couple letters in the mail explaining it all before getting the first payment.
1st letter explains you will receive the second letter with the payout specifics. It also explains you must OPT out if you do not want to receive the child tax credits early.
2nd letter breaks down your payout and explains how it will be monthly payments instead of one lump sum.
I have two children and will receive appx $600 per month until the entire credit is paid out (which will take about a year).
Seems fine to me. Take what they will give you now as there is no guarantees for getting it next year.
"The payments, which are part of the expanded child tax credit program in the American Rescue Plan, are expected to dramatically reduce child poverty, administration officials said.
For the first time, the payments, normally given annually as tax refunds, will be distributed monthly. Because the advance payments are beginning halfway through the year, families will get the second half as tax refunds."
My husband and I opted out of it. If I understand it correctly they give you up to half of your normal child tax credit you'd get back when you file taxes. Idk if it would be taxed, but I'd rather receive all of it when I file at the end of the year. I don't trust it.
It sucks if you actually work and pay taxes all year. If you tuned your workplace withholdings to get a small refund each year with that lump sum child tax credit factored in, if the government pays you half of that credit early, now when tax time comes they want all of that money back. And oh by the way, if you owe over $1000 you may incur tax penalties.
Best course of action is to adjust workplace withholdings to compensate. So if you're getting $400/month in advanced child tax credit, have your work withhold an extra $400/month in taxes. The other option is to opt out, but that is a PITA and both parents have to do it.
It doesn’t matter. If they sent it to you, it’s in the records that you received it. They don’t keep track of you cash it or not. They could care less if you cash it or not. Maybe they hope you won’t. But as far as their records go, you received it. So take the money and do something good with it. Or You’ll be screwing yourself
look up details on IRS.gov. You'll be getting advance child tax credit $ every month until tax time, then the other half when you file for 2021. Different amts for different ages and incomes.
Perhaps this is a white hat activity to provide funds to people through the latter part of the year. What is this was done because some have a better idea of the general timeline and know that funding will be helpful regardless of the specific Go-Time. That said, personal reservations are worth respecting.
It is passing strange to me that an administrative bent on harm to the populace would provide funds to forestall desperate measures. A suggested counter-argument is that it works along with paycheck assistance to keep people out of the work force longer.
Disenroll and send it back. My friend that is retired special forces says they will come to harass the people that are dependent 1st. my best friend and my daughter disenrolled and sent the money back.
Whole thing is bs grand standing. There already was a child tax break. Anyone with a job would just have their paycheck withholding adjusted based on the tax law. Dems trying to piss on you and tell you it's raining money
Cash it, and give 10% to the big guy
Wouldn't that be funny? If we get a check we should take 10% and send it to Joe Biden @ White House. Let's see if it get's cashed. If it get's returned to sender you'll have a neat collectors item from the Great Awakening.
buy ammo
You should've received a couple letters in the mail explaining it all before getting the first payment.
1st letter explains you will receive the second letter with the payout specifics. It also explains you must OPT out if you do not want to receive the child tax credits early.
2nd letter breaks down your payout and explains how it will be monthly payments instead of one lump sum.
I have two children and will receive appx $600 per month until the entire credit is paid out (which will take about a year).
Seems fine to me. Take what they will give you now as there is no guarantees for getting it next year.
Do you have to have a child to get the check?
"The payments, which are part of the expanded child tax credit program in the American Rescue Plan, are expected to dramatically reduce child poverty, administration officials said.
For the first time, the payments, normally given annually as tax refunds, will be distributed monthly. Because the advance payments are beginning halfway through the year, families will get the second half as tax refunds."
https://www.nbcnews.com/politics/white-house/monthly-child-tax-credit-payments-start-hitting-bank-accounts-july-n1267535
of course cash it. use it for patriotic shit though (fireworks, donate to the audits/trump campaign, guns, ammo etc etc)
My husband and I opted out of it. If I understand it correctly they give you up to half of your normal child tax credit you'd get back when you file taxes. Idk if it would be taxed, but I'd rather receive all of it when I file at the end of the year. I don't trust it.
Is there any way cashing it could come back and bite you? I can't think of any.
It sucks if you actually work and pay taxes all year. If you tuned your workplace withholdings to get a small refund each year with that lump sum child tax credit factored in, if the government pays you half of that credit early, now when tax time comes they want all of that money back. And oh by the way, if you owe over $1000 you may incur tax penalties.
Best course of action is to adjust workplace withholdings to compensate. So if you're getting $400/month in advanced child tax credit, have your work withhold an extra $400/month in taxes. The other option is to opt out, but that is a PITA and both parents have to do it.
It doesn’t matter. If they sent it to you, it’s in the records that you received it. They don’t keep track of you cash it or not. They could care less if you cash it or not. Maybe they hope you won’t. But as far as their records go, you received it. So take the money and do something good with it. Or You’ll be screwing yourself
look up details on IRS.gov. You'll be getting advance child tax credit $ every month until tax time, then the other half when you file for 2021. Different amts for different ages and incomes.
So if you never cashnit, you get the full amount during the tax season.
Not gotten any yet.
Perhaps this is a white hat activity to provide funds to people through the latter part of the year. What is this was done because some have a better idea of the general timeline and know that funding will be helpful regardless of the specific Go-Time. That said, personal reservations are worth respecting.
It is passing strange to me that an administrative bent on harm to the populace would provide funds to forestall desperate measures. A suggested counter-argument is that it works along with paycheck assistance to keep people out of the work force longer.
Use some wisdom and come to your own conclusion.
Be safe out there.
Disenroll and send it back. My friend that is retired special forces says they will come to harass the people that are dependent 1st. my best friend and my daughter disenrolled and sent the money back.
Whole thing is bs grand standing. There already was a child tax break. Anyone with a job would just have their paycheck withholding adjusted based on the tax law. Dems trying to piss on you and tell you it's raining money