We got our first check but it still concerns me that many people won't know this is a "prepayment" that will affect their taxes in April. If people don't set it aside for tax time they could get hit with a significant bill in April. And you know foxnews will be all over it. Especially every single time a suburban family gets hit.
it's half of a credit. The remaining half goes on their taxes anywhere from 1k to 1800, depending on the income ani the child's age. There is also a repayment protection. I can give examples on that. We did this with some of our clients and most are covered with the prepayment protections. the cash flow now makes up for the smaller refund in April. For some ppl who need that large refund it may be a surprise but if you have 3 kids over 6 its a 9000 credit. That means for families under 150k, its a 3000k credit. It will work in their favor.
Accountant here. In general--no. If there are federal or state student loan debts, these are not subject to offsets. However, if there were private student loans, like with a bank and the bank filed a levy, they can be subject to garnishment. Child support offset, no.
My niece (five kids, dad took off) bought real beds for her two youngest.
Friends from church (early 30s, four kids, both parents work hard at low-paying jobs) took the first vacation of their lives. My husband and I literally sat down with them to explain how 'going on vacation' works.
The change this money is bringing to these kids is amazing!
This credit is huge. They also expanded EITC this year. There is a huge amount of money getting into the hands of low income people. They also changed the income amounts and the ages that qualify for Earned Income Tax Credit.
This credit is now worth more than that. It's $9,000 for a family with 3 kids over the age of 6. That's 4500 spread over 6 months now and then 4500 on the return. This is a game changer for families in poverty.
It would be great if we could make these permanent.
We are fairly middle class but we got it and put it toward the one full column of a page school supplies list. Over 100$. This will be huge for families in buying supplies--esp if some can wait as most states offer a sales tax holiday in August. They have a cushion and can save on sales tax which is wildly regressive.
I'm not getting the tax credit because my household makes too much money. I'm grateful for that. I don't need the money. Please please please give it to someone who does.
Comments are funny on this one. Like, how you can actually hear her mind boggling.
We got our first check but it still concerns me that many people won't know this is a "prepayment" that will affect their taxes in April. If people don't set it aside for tax time they could get hit with a significant bill in April. And you know foxnews will be all over it. Especially every single time a suburban family gets hit.
do they mean Novocain only? no gas or IV? In NY dentists cant put you out anyway
I certainly hope every other sentence out of the Dems mouths was "And not a single Republican in Congress voted for this".
shes been at the good work for literally decades
Was he a garanimal? I'm still a garanimal, lol.
it's half of a credit. The remaining half goes on their taxes anywhere from 1k to 1800, depending on the income ani the child's age. There is also a repayment protection. I can give examples on that. We did this with some of our clients and most are covered with the prepayment protections. the cash flow now makes up for the smaller refund in April. For some ppl who need that large refund it may be a surprise but if you have 3 kids over 6 its a 9000 credit. That means for families under 150k, its a 3000k credit. It will work in their favor.
Accountant here. In general--no. If there are federal or state student loan debts, these are not subject to offsets. However, if there were private student loans, like with a bank and the bank filed a levy, they can be subject to garnishment. Child support offset, no.
I don't have any children under 17 (or any children over 17 either, for that matter.)
I blame Obama.
create an IRS account and log in to see. You could be getting a check.
My niece (five kids, dad took off) bought real beds for her two youngest.
Friends from church (early 30s, four kids, both parents work hard at low-paying jobs) took the first vacation of their lives. My husband and I literally sat down with them to explain how 'going on vacation' works.
The change this money is bringing to these kids is amazing!
he shouldn't have needed to apply as long as taxes were filed. unless they are nonfilers and don't need to file. but thanks for getting the word out!
This credit is huge. They also expanded EITC this year. There is a huge amount of money getting into the hands of low income people. They also changed the income amounts and the ages that qualify for Earned Income Tax Credit.
This credit is now worth more than that. It's $9,000 for a family with 3 kids over the age of 6. That's 4500 spread over 6 months now and then 4500 on the return. This is a game changer for families in poverty.
It would be great if we could make these permanent.
We are fairly middle class but we got it and put it toward the one full column of a page school supplies list. Over 100$. This will be huge for families in buying supplies--esp if some can wait as most states offer a sales tax holiday in August. They have a cushion and can save on sales tax which is wildly regressive.
The reality show charlatan brings rating$. HIllary does not. Simple as that.
He was On Sale. My brother was hard on clothes and if he didn't outgrow them he plain wore them out. My mom wasn't spending a fortune on him.
I'm not getting the tax credit because my household makes too much money. I'm grateful for that. I don't need the money. Please please please give it to someone who does.