Are you recieving the child tax credit advance? (Page 1/1)
jmbishop DEC 07, 06:54 PM
I'm not seeing this discussed anywhere, maybe everyone already knows.

2021 didn't pay the tax credit advance for the whole year so you'll still see partial credit on your 2021 taxes. When it comes time to do your 2022 taxes, you'll have absolutely no tax credit because you've already recieved it, so if you depend on it to bring you out of the negative every year and recieve a refund, you may end up owing the IRS instead. Some people I'm sure this won't hurt too badly but I have known people who use tax refunds to take care of major experiences.

I had planned on opting out for 2022, not realizing the the deadline to do so was Nov 29 2021. If you're like me and you wanted to opt out, you can have your employer withhold more for taxes, but savings or investment accounts may be wise.

Let me know if I'm getting anything wrong here
Wichita DEC 07, 11:37 PM
You file in 2022 for 2021. If you received the child tax credit in advance, it is half of the usual tax credit. So when you file your 2021 taxes, you can only claim 1/2 of the child tax credit.

When you file in 2023 for 2022, you will get the entire year child tax credit (unless they do the same advance scheme).

You can opt out of the advance tax credit by month or all. The deadline in November was for the opt out for December.

[This message has been edited by Wichita (edited 12-07-2021).]

jmbishop DEC 08, 06:18 AM
I assumed it was a permanent change for whatever reason but you're correct, it's proposed for 2022 but hasn't passed.
82-T/A [At Work] DEC 08, 11:20 AM
We didn't receive anything, or any notification about it, so I assume we're probably out of the tax bracket that would otherwise allow it, or something. I don't know. I got the checks auto-deposited when Trump issued some relief check for the pandemic, which I didn't need, and got the same thing when Biden did it earlier in the year (which I also didn't need), but I didn't see anything about the child tax credit stuff, nor have I seen anything in any of my bank accounts.
Wichita DEC 09, 07:47 AM

quote
Originally posted by 82-T/A [At Work]:

We didn't receive anything, or any notification about it, so I assume we're probably out of the tax bracket that would otherwise allow it, or something. I don't know. I got the checks auto-deposited when Trump issued some relief check for the pandemic, which I didn't need, and got the same thing when Biden did it earlier in the year (which I also didn't need), but I didn't see anything about the child tax credit stuff, nor have I seen anything in any of my bank accounts.



Do you have any children 17-years age or younger? Do you owe child support?