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Happy Monthly Child Tax Credit Day

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  • Happy Monthly Child Tax Credit Day

    For those of you who have children who qualify (I'm not sure if it goes to 18 or a different age), Happy Monthly Tax Credit Day. At least our country is for people having more children, even if they are all on the government dole from birth.

    Can anyone share the payout amounts and ages that apply to the credit?

  • #2
    Originally posted by Shockm View Post
    For those of you who have children who qualify (I'm not sure if it goes to 18 or a different age), Happy Monthly Tax Credit Day. At least our country is for people having more children, even if they are all on the government dole from birth.

    Can anyone share the payout amounts and ages that apply to the credit?
    Thanks for reminding me I need to opt out so my tax bill next year isn't $250x6 more!
    "When life hands you lemons, make lemonade." Better have some sugar and water too, or else your lemonade will suck!

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    • #3
      Originally posted by ShockerPrez View Post

      Thanks for reminding me I need to opt out so my tax bill next year isn't $250x6 more!
      Wouldn't that be a Monthly Tax Credit?

      Comment


      • #4
        The tax credit was expanded (from $2000 to $3000 for children over age 6), but not enough to make up for 6 months of early payments.

        We still have one who qualifies. We got $240 today. That will be $1440 paid out this year, meaning we'll only get $1560 in credits on our 2021 taxes, a drop of $440 from last year.

        In our case we're just using it to pay a portion of her getting a dental procedure done in December.


        For kids under 6, it's was expanded to $3600. My understanding is that if you're married and filing jointly, the amount is progressively reduced if you make over $150k.

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        • #5
          Originally posted by Shockm View Post

          Wouldn't that be a Monthly Tax Credit?
          I usually have to pay every year, so if they are gonna pay out to me, what I normally use to offset my taxes, I'm going to have to pay this back, in addition to my usual couple hundred bucks.
          "When life hands you lemons, make lemonade." Better have some sugar and water too, or else your lemonade will suck!

          Comment


          • #6
            My wife is not happy about the welfare. We have 2 kids (1 and 4) I think that means we get 600/month. Heck of a gun fund.
            When you believe in something, the only person that's gotta believe it is you. Everything else is for the birds.- LeVelle Moton
            Wichita is going to the rich side of town with a pack of matches and a five gallon tank of gasoline and try to burn everything to the ground

            Comment


            • #7
              Originally posted by shock View Post
              My wife is not happy about the welfare. We have 2 kids (1 and 4) I think that means we get 600/month. Heck of a gun fund.
              Can you expand a bit on her unhappiness? For me this is a step in the right direction. To me, this credit comes directly from money I have already personally payed in as opposed to a handout. So basically the government is giving me money back immediately instead of holding it for up to 12 months. Granted, I wish it were setup to lower the initial amount taken from my paycheck, but this is at least closer. Maybe I’m misunderstanding how this actually works?

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              • #8
                Originally posted by shoxtop View Post

                Can you expand a bit on her unhappiness? For me this is a step in the right direction. To me, this credit comes directly from money I have already personally payed in as opposed to a handout. So basically the government is giving me money back immediately instead of holding it for up to 12 months. Granted, I wish it were setup to lower the initial amount taken from my paycheck, but this is at least closer. Maybe I’m misunderstanding how this actually works?
                I think this is the issue: One fills out their tax return and owes $7000. After adding their dependents, they owe $1000. Now there is no child tax credit and at the end of the year you owe $7000 again. That’s a lot of change to come up with at the end of the year.

                A better way to do this would be to appropriately with hold taxes based on your dependents…as it was previously calculated.

                The second issue one might have is more general. Why does the size of your family dictate your taxes? Should you be taxed for being childless? Do children add to the gdp? It’s a more philosophical question as to what the purpose of taxes is and why are certain things penalized or not. If you think that taxation by the government is good and necessary to curb the moral choices of its citizens, then you won’t object to this.
                Livin the dream

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                • #9
                  Originally posted by shoxtop View Post

                  Can you expand a bit on her unhappiness? For me this is a step in the right direction. To me, this credit comes directly from money I have already personally payed in as opposed to a handout. So basically the government is giving me money back immediately instead of holding it for up to 12 months. Granted, I wish it were setup to lower the initial amount taken from my paycheck, but this is at least closer. Maybe I’m misunderstanding how this actually works?
                  She is very concerned that we will owe when the tax man comes knocking. I don’t think we will, but we are also collecting a possible $20k dividend from St of AK.
                  When you believe in something, the only person that's gotta believe it is you. Everything else is for the birds.- LeVelle Moton
                  Wichita is going to the rich side of town with a pack of matches and a five gallon tank of gasoline and try to burn everything to the ground

                  Comment


                  • #10
                    Originally posted by shock View Post
                    She is very concerned that we will owe when the tax man comes knocking. I don’t think we will, but we are also collecting a possible $20k dividend from St of AK.
                    $20K dividend huh? That seems pretty terrible!
                    Livin the dream

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                    • #11
                      Originally posted by wufan View Post

                      $20K dividend huh? That seems pretty terrible!
                      The Governor wants the PFD to be $5k/alaskan. This is the money you hear about the government paying Alaskans to live here but it’s really because we waived all property mineral rights to the state and in turn, the state invests the profits from the mineral rights in the stock market and splits the earnings with residents. Keeps Alaskan oil flowing.
                      When you believe in something, the only person that's gotta believe it is you. Everything else is for the birds.- LeVelle Moton
                      Wichita is going to the rich side of town with a pack of matches and a five gallon tank of gasoline and try to burn everything to the ground

                      Comment


                      • #12
                        Originally posted by shoxtop View Post

                        Can you expand a bit on her unhappiness? For me this is a step in the right direction. To me, this credit comes directly from money I have already personally payed in as opposed to a handout. So basically the government is giving me money back immediately instead of holding it for up to 12 months. Granted, I wish it were setup to lower the initial amount taken from my paycheck, but this is at least closer. Maybe I’m misunderstanding how this actually works?
                        Maybe this is a step in the right direction. Next will be guaranteed Jr College, the free 4 year College, then Guaranteed Income. All in the name of us getting back the taxes we pay.

                        Do you think only people who make over 400K will see their taxes go up? Yes, Middle class will pay their share and taxes will go up.

                        Comment


                        • #13
                          Originally posted by Shockm View Post
                          Maybe this is a step in the right direction. Next will be guaranteed Jr College, the free 4 year College, then Guaranteed Income. All in the name of us getting back the taxes we pay.

                          Do you think only people who make over 400K will see their taxes go up? Yes, Middle class will pay their share and taxes will go up.
                          I guess I don’t see the correlation between adding new social programs and simply moving the payout of an already existing program. I didn’t say anything about the program itself being positive, I simply said the fact that the government is no longer holding that money for me for 12 months is a step in the right direction. Of course I’d rather have a lower rate instead of the credit, but that’s neither here nor there.

                          Edit: whoops - rereading my original post I see where I was not clear on that.

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                          • #14
                            With no state or local taxes, if the government wants to give me relief they can take less out of my paycheck.
                            When you believe in something, the only person that's gotta believe it is you. Everything else is for the birds.- LeVelle Moton
                            Wichita is going to the rich side of town with a pack of matches and a five gallon tank of gasoline and try to burn everything to the ground

                            Comment


                            • #15
                              Originally posted by shoxtop View Post

                              I guess I don’t see the correlation between adding new social programs and simply moving the payout of an already existing program. I didn’t say anything about the program itself being positive, I simply said the fact that the government is no longer holding that money for me for 12 months is a step in the right direction. Of course I’d rather have a lower rate instead of the credit, but that’s neither here nor there.

                              Edit: whoops - rereading my original post I see where I was not clear on that.
                              Maybe it's not exactly as the programs listed above. But, you don't see any correlation between the Trillions of additional spending of the Biden Administration and this generous tax credit (at exactly the same time) to elicit dependence of the people (from birth onward) on the federal government, as well as gain votes? It may not be exactly what I listed above (direct welfare) but it is indirect, and designed imo toward a Socialist end, and the programs above are the next goals of the government. Bernie is to a large extent driving the bus, and 20 years ago Biden wouldn't have climbed on the bandwagon but now he and many others will..

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