brandon8283
Probably a drive-by
- Joined
- Jul 11, 2009
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I opted out. It's going to be a nightmare for a lot of people assuming it's just another stimulus payment. Gonna be a LOT of upset folks when they figure out they have to pay at the end o the year because they accepted the advance payments.
only if you make over the threshold in 2021 but not 2020.
it basically is another stimulus check. they doubled the child tax credit, then are sending it early in monthly installments.
what are your concerns about paying it back if you make less than the approved amount?
I've been roughly breaking even with the $2,000 tax credit.What he's saying is of your normally end up owing more tax when you filed except for the child credit that changes it to a refund... now, you'll get more money each month but may owe a tax bill in April.
My math was that since we're only getting the $3,000 credit for 6 months (so really, only $1500), effectively I can take the money now and will owe an extra $500 on taxes next year. So I figure I'll go ahead and take the money now, save a couple months of it for taxes, and keep the rest.
I will probably need to opt out next year, though, or I'll probably owe $2k in taxes plus penalties..
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