Yeah, we opted to put the checks in savings. So the cash is there to pay. (I insisted, because I saw it coming) But damn.Are you talking about the child tax credit? When that was announced, I went to the IRS website and opted out of the payments. It wasn't easy as there was a whole process to prove my identity, but I got it done.
We didn't get child tax credits, so maybe we are safe.Are you talking about the child tax credit? When that was announced, I went to the IRS website and opted out of the payments. It wasn't easy as there was a whole process to prove my identity, but I got it done.
Indiana passed a bill that required they return some of their surplus to the taxpayers this year (I think). That's probably what you're seeing.My child tax credit rec'd from .gov (monthly refund) was money I actually paid in taxes being returned to me. I accepted my money. No shame. What pisses me off is that all across this great land, baby-mamma's are getting the same check I rec'd but didn't pay a dime in tax??? Eph that! It's insulting. Now the weird part... I work hard to make my fed tax liability/refund zero. I don't want a big return. I want my money when I earned it. Time value and all that. But for reasons not exactly clear to me, this year my fed went as normal while state actually refunded me?? This is only the second time (since having kids) that the stategavereturned my money. I write a check to the state every April typically.
The reason I didn't take the child tax credit is because it is not an extra payment, it's an early payment. I pay quarterly estimated taxes (no withholding) and if I overpaid (unlikely), it will just go to the next payment. "Accept" the money? Absolutely, it's just that I'll just use it to take care of my continual tax liability.My child tax credit rec'd from .gov (monthly refund) was money I actually paid in taxes being returned to me. I accepted my money. No shame. What pisses me off is that all across this great land, baby-mamma's are getting the same check I rec'd but didn't pay a dime in tax??? Eph that! It's insulting. Now the weird part... I work hard to make my fed tax liability/refund zero. I don't want a big return. I want my money when I earned it. Time value and all that. But for reasons not exactly clear to me, this year my fed went as normal while state actually refunded me?? This is only the second time (since having kids) that the stategavereturned my money. I write a check to the state every April typically.
I think it should be noted that the child tax credit is not the same as the "stimulus" payments ($600 for individual, $1200 for married couples IIRC).The reason I didn't take the child tax credit is because it is not an extra payment, it's an early payment. I pay quarterly estimated taxes (no withholding) and if I overpaid (unlikely), it will just go to the next payment. "Accept" the money? Absolutely, it's just that I'll just use it to take care of my tax liability.
Many people took the early child tax credit payments and are now complaining that their refund (NOT return) is not as big. No friggin' duh. However, they could have refused the early payment to keep their refund the same size....but I sense that if they could figure that out, they would have expected the refund to be lower.
Correct, but there was only 1 under Biden. I kinda forgot about that one because I didn't get it.I think it should be noted that the child tax credit is not the same as the "stimulus" payments ($600 for individual, $1200 for married couples IIRC).
I think I got one (in 2020), but it was at a reduced amount because I made over the limit for the full $600.Correct, but there was only 1 under Biden. I kinda forgot about that one because I didn't get it.
And yeah, I hope they suspend the underpayment penalty. ********ers. All of them.Yeah, we opted to put the checks in savings. So the cash is there to pay. (I insisted, because I saw it coming) But damn.
??? Can you expand on this???Bidiots stimulus money wasn’t going to be taxed & guess what !?
It is !
Just did our taxes and got a hammer on state and very little back on fed .
Let’s Go Brandon !!!!
From what I understand the money is sent separate from the tax return. The state tax return doesn't have a line item for the surplus.Indiana passed a bill that required they return some of their surplus to the taxpayers this year (I think). That's probably what you're seeing.