So this means that basically my current refund of pretty much the exact amount of the credit will be going away?

Am I understanding correctly?

And follow up:

If I go over the 150k threshold (absolutely will this year), will I owe the monthly payments back?

I believe you will get half from monthly payments, and the other half with your refund. I read there's a way to opt out of monthly and just receive it all with your refund, but I'm not sure if the portal thing is open yet.

they have not provided any follow up info on this yet.

and it will be a disaster because there are a ton of people that depend on that credit to pay taxes, and they will owe. just my thoughts.

SidetrackAg said:

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I believe you will get half from monthly payments, and the other half with your refund. I read there's a way to opt out of monthly and just receive it all with your refund, but I'm not sure if the portal thing is open yet.

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How do you opt out of the horse shet?

It definitely seems like a disaster. If you've actually done your withholding calculations based on the regular tax credit of 2000 per child, and you get the payments during the year, you can only factor in 1500 or 1800 per child at tax time? And now another "portal" to go change your preferences? I'm sure that'll work just great.

XXXVII said:

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SidetrackAg said:

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I believe you will get half from monthly payments, and the other half with your refund. I read there's a way to opt out of monthly and just receive it all with your refund, but I'm not sure if the portal thing is open yet.

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How do you opt out of the horse shet?

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I've read that they're supposed to provide a portal where you can opt out, but I haven't seen one. Ned to hurry it up if they plan to start payments in July

ceenAg05 said:

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It definitely seems like a disaster. If you've actually done your withholding calculations based on the regular tax credit of 2000 per child, and you get the payments during the year, you can only factor in 1500 or 1800 per child at tax time? And now another "portal" to go change your preferences? I'm sure that'll work just great.

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I agree. My tax person said it's going to be a huge crap show, with a lot of cleanup at tax time. They're not looking forward to it.

Please post the portal when it goes live - because I'm not about to have those idiots send me a check and then say "whoopsies were going to need that back" at end of year.

UncleNateFitch said:

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Please post the portal when it goes live - because I'm not about to have those idiots send me a check and then say "whoopsies were going to need that back" at end of year.

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This article says it will open this summer. Article dated May 6
https://www.cnet.com/personal-finance/how-to-opt-out-of-the-child-tax-credit-advance-payments/?_amp_linker=1*v9vj90*id*VVZ5VzlTRy1taXBva1IzM0E4czVtUEtiY1NkYXRfeEZSQm5XSGpoc2VEMExoV3MtZFp3R1ZqbFR5MlIxV2xHVQ..

SidetrackAg said:

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ceenAg05 said:

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It definitely seems like a disaster. If you've actually done your withholding calculations based on the regular tax credit of 2000 per child, and you get the payments during the year, you can only factor in 1500 or 1800 per child at tax time? And now another "portal" to go change your preferences? I'm sure that'll work just great.

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I agree. My tax person said it's going to be a huge crap show, with a lot of cleanup at tax time. They're not looking forward to it.

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nope we're not. of course the last 2 years have been a disaster so might as well go for 3.

So, let me get this straight...I'm eligible for a $2000 credit. The IRS is going to take 1/2 of that and divide it into 6 monthly payments of a whopping $166.67 between July and December?

I hope they get the opt-out website working ASAP. Because I just got my withholdings straightened out after the Trump tax cuts. I really don't want to owe $1000+ to the IRS again.

It's called "don't vote for the left...ever"

Man what the ****. Seriously what the ****.

You "were" eligible for $2000 under the previous tax plan. So you just figured your withholding based on that. Now they've upped it to $3000 or $3600 depending on age. They're going to start paying you half that once a month (or every other month??) through the end of the year. Then at tax time you'd have the other half to apply, so you likely over-withheld, meaning you have to come up with the money on your taxes. BUT WAIT - you can use some "portal" to opt out and just get the whole $3000/$3600 applied at tax time. SIMPLE!

No, I make too much to qualify for the increased amount. I'm stuck at $2000. So I'm not "as much" off on my withholdings, but the $166 check is not worth it.

Darn, knew I missed something in all that. Like I said, SIMPLE!

ceenAg05 said:

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Darn, knew I missed something in all that. Like I said, SIMPLE!

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IKR...like people who don't pay taxes (or even file a return) are going to even be paying attention to all of this.

I'm one of those idiots who gives the government a free loan of my money each year and gets a tax refund of usually 3 grand or so. With 3 kids, the CTC is going from $6000 to $9000 for me this coming tax year. So if half of that $9000 comes to me in monthly payments, it still means I'll get the other $4500 at tax time and likely still won't owe, correct?

Thinking of opting out, or at the very least, putting all the monthly installments in savings to ensure i don't get caught by surprise come tax filing time.

Definitely not a fan of the government throwing all this money at everyone, but it at least worked well for me this year in that my oldest daughter turned 17 this past January and I wouldn't have gotten a tax credit for her at all. But since part of the legislation increased the age to include 17-year-olds, I'm getting an extra amount for her.

TXTransplant said:

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ceenAg05 said:

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Darn, knew I missed something in all that. Like I said, SIMPLE!

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IKR...like people who don't pay taxes (or even file a return) are going to even be paying attention to all of this.

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I would say 90% aren't going to be paying attention to it (in my experience)

....unitl the tax bill comes next year. THEN they will get very interested and blame it on their tax preparer.

Right...they had to take something as simple as a tax credit and muck it all up by increasing the amount, but only for some people, making it an advance (that you have to opt out of), changing the age eligibility requirements, and changing the income brackets.

Not to mention the IRS is making it even more difficult for divorced families that alternate years in which they claim the dependents.

Just got the mailing on this. Opt out is not available yet that I can find. I do not want to owe next year.

Stolen from the politics board. Opt out website is active. You will need an ID.

https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021

Ugh...it also requires MFA. And it keeps telling me there was an "error" when it tries to call or text my phone number.

FINALLY got through the account set-up and unenrollment process.

You will want to use a phone because you need to upload pics of your ID and do a facial scan.

Both you and your spouse have to opt-out if you're filing jointly. Just got my half finished. Need to get my wife to do her part now.

TXTransplant said:

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Stolen from the politics board. Opt out website is active. You will need an ID.

https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021

Ugh...it also requires MFA. And it keeps telling me there was an "error" when it tries to call or text my phone number.

FINALLY got through the account set-up and unenrollment process.

You will want to use a phone because you need to upload pics of your ID and do a facial scan.

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They're going to make sure they have their database to scan and match photos from the next capitol invaders.

khkman22 said:

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TXTransplant said:

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Stolen from the politics board. Opt out website is active. You will need an ID.

https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021

Ugh...it also requires MFA. And it keeps telling me there was an "error" when it tries to call or text my phone number.

FINALLY got through the account set-up and unenrollment process.

You will want to use a phone because you need to upload pics of your ID and do a facial scan.

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They're going to make sure they have their database to scan and match photos from the next capitol invaders.

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Yep.. they got us..

khkman22 said:

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TXTransplant said:

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Stolen from the politics board. Opt out website is active. You will need an ID.

https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021

Ugh...it also requires MFA. And it keeps telling me there was an "error" when it tries to call or text my phone number.

FINALLY got through the account set-up and unenrollment process.

You will want to use a phone because you need to upload pics of your ID and do a facial scan.

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They're going to make sure they have their database to scan and match photos from the next capitol invaders.

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I was just thinking this is one more way for the govt to compromise my personal information (it was stolen from the USPTO shortly after I took the patent bar), but I think you're on to something.

TXTransplant said:

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Stolen from the politics board. Opt out website is active. You will need an ID.

https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021

Ugh...it also requires MFA. And it keeps telling me there was an "error" when it tries to call or text my phone number.

FINALLY got through the account set-up and unenrollment process.

You will want to use a phone because you need to upload pics of your ID and do a facial scan.

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Wow. But no ID to vote!

It's pretty clear they want you to download that stupid app. It shouldn't be necessary, but I couldn't get the account set up code sent to my phone.

Of course, the app also requires authentication via a link - sent by text. Lo and behold, ~that~ text went through. Then I had to upload pics of my license, do a facial scan, give my SS #, and approve identity confirmation basically via a credit check. I got errors at every step along the way.

But, after clicking "I'm sure I want to opt out" three times, I managed to get it done.

Despite having to give my email and getting several from the ID.me app during the process, I did not get an email confirming my opt-out status. I figure it's 50-50 whether or not I get a check.

bigjag19 said:

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And follow up:

If I go over the 150k threshold (absolutely will this year), will I owe the monthly payments back?

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(edited: late response)

Exactly! We had a hard enough time getting our clients to remember whether or not they got the first two stimulus payments. Now we have to mess with this?

what are the threshholds for the tax credit normally for a married couple filing jointly. is it normally a 2k credit per child if youre making under 400k? and does that extra money on top just get thrown on there? I already looked like an idiot on anothe thread trying to figure this out so may as well do it again here.

Yeah not doing that. Will just make an estimated payment if necessary.

That is purposeful ridiculous bull**** to make you take the govt teet

Sea Speed said:

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what are the threshholds for the tax credit normally for a married couple filing jointly. is it normally a 2k credit per child if youre making under 400k? and does that extra money on top just get thrown on there? I already looked like an idiot on anothe thread trying to figure this out so may as well do it again here.

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Cut that by about a 1/3

Q C4. How does the first phaseout reduce the 2021 Child Tax Credit to $2,000 per child? (added June 14, 2021)
A4. The Child Tax Credit begins to be reduced to $2,000 per child if your modified AGI in 2021 exceeds:

• $150,000 if married and filing a joint return or if filing as a qualifying widow or widower;
• $112,500 if filing as head of household; or
• $75,000 if you are a single filer or are married and filing a separate return.

The first phaseout reduces the Child Tax Credit by $50 for each $1,000 (or fraction thereof) by which your modified AGI exceeds the income threshold described above that is applicable to you.

https://www.irs.gov/credits-deductions/2021-child-tax-credit-and-advance-child-tax-credit-payments-topic-c-calculation-of-the-2021-child-tax-credit

So a family making $190,000 or greater is not eligible for any child tax credits, correct? And they are currently going off of our 2020 tax returns if they are filed? Do I have that right? And if that is the case, there is no reason to opt out? I really appreciate it.