Child tax credit

Started by Del., March 10, 2021, 11:23 AM

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Del.

March 10, 2021, 11:23 AM Last Edit: December 31, 1969, 04:00 PM by Guest
For you who have kids under 17 Joe is giving you $3000 per child tax credit for kids 6-17. If under 6 you get $3600.  Payable in monthly payments later this year and remainder on your 2021 taxes.  

These people are idiots in DC

CADCAM396

#1
March 10, 2021, 12:00 PM Last Edit: December 31, 1969, 04:00 PM by Guest
cool i can claim my 12 year old dog

Jon@NOWHERE

#2
March 10, 2021, 01:41 PM Last Edit: December 31, 1969, 04:00 PM by Guest
I'm officially changing my son's name to Money Bags.... :lol:

marshal

#3
March 10, 2021, 02:05 PM Last Edit: December 31, 1969, 04:00 PM by Guest
Quote from: Del. post_id=8167 time=1615404211 user_id=113For you who have kids under 17 Joe is giving you $3000 per child tax credit for kids 6-17. If under 6 you get $3600.  Payable in monthly payments later this year and remainder on your 2021 taxes.  

These people are idiots in DC


It's upping the tax credit, it was already $2000/kid.  The increase is essentially backdated to be on your 2020 taxes which they'll pay out the 2nd half of this year as a tax refund.  I believe that's a permanent change as well, so the 2021 taxes will have the $3000/3600 tax credit reduce your taxable income.

Same thing goes for the first $10,200 of unemployment not counting towards 2020 taxes and beyond.  Although I haven't seen how they'll accomplish that for people (like myself) who have already filed taxes.

Del.

#4
March 10, 2021, 02:21 PM Last Edit: December 31, 1969, 04:00 PM by Guest
You are right about upping the child tax credit but a credit does not reduce your taxable income. It's free money paid directly.

RobertELee

#5
March 10, 2021, 02:28 PM Last Edit: December 31, 1969, 04:00 PM by Guest
It's not permanent...YET.... And now the change isn't based on income unless you make over a certain amount. Before it was backwards and only benefited the middle class. Those who made below a certain amount got nothing. This year especially its probably a good thing. Long term I'm unsure of.

Del.

#6
March 10, 2021, 02:31 PM Last Edit: December 31, 1969, 04:00 PM by Guest
I think it's just one year but not positive.

RobertELee

#7
March 10, 2021, 02:35 PM Last Edit: December 31, 1969, 04:00 PM by Guest
Correct. One year and can be extended for 2021 taxes as well. However they will likely make it permanent.

mowens

#8
March 11, 2021, 10:23 PM Last Edit: December 31, 1969, 04:00 PM by Guest
No stimulus, no young kids.
"I would gladly risk feeling bad at times if it also meant that I could taste my dessert." - Data

JParis

#9
March 12, 2021, 03:18 AM Last Edit: December 31, 1969, 04:00 PM by Guest
It's, I believe the 1st step in what will become a UBI system....

My daughter with 3 kids though can certainly use the extra help...

RobertELee

#10
March 12, 2021, 04:35 AM Last Edit: December 31, 1969, 04:00 PM by Guest
Quote from: mowens post_id=8220 time=1615530236 user_id=74No stimulus, no young kids.


I believe Viagra can help with that issue.
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