Issues with the Child Tax Credit Advances

[hUTch2002]

Child tax credit portal: How to opt out with the IRS, set up direct deposit, see eligibility and more

Ok, I have multiple issues here.
1. Of course they’re setting people up to owe the IRS who have zero idea how taxes work. They just know they woke up to free money today.

2. Speaking of waking up to free money, it pisses me off that they sent a letter a month back saying it’s coming and they’ll tell us more soon but then we wake up this morning to see money from the IRS in our bank account. I guarantee they know most people won’t opt out after they get that first payment so they purposely delayed the “more info to come”.

3. And this might aggravate me more than anything, to opt out you have to make an account. To make an account you have to scan a valid driver license or passport AND do a biometric scan of your face. So if that’s required to stop getting money from the IRS why the hell can’t we do that to vote!?

 

[UT_VOLS13]

Child tax credit portal: How to opt out with the IRS, set up direct deposit, see eligibility and more

Ok, I have multiple issues here.
1. Of course they’re setting people up to owe the IRS who have zero idea how taxes work. They just know they woke up to free money today.

2. Speaking of waking up to free money, it pisses me off that they sent a letter a month back saying it’s coming and they’ll tell us more soon but then we wake up this morning to see money from the IRS in our bank account. I guarantee they know most people won’t opt out after they get that first payment so they purposely delayed the “more info to come”.

3. And this might aggravate me more than anything, to opt out you have to make an account. To make an account you have to scan a valid driver license or passport AND do a biometric scan of your face. So if that’s required to stop getting money from the IRS why the hell can’t we do that to vote!?

WTF

 

[DancingOutlaw]

I also agree it's moronic that you have to go through so many hoops to avoid a penalty on your tax return. But this credit was never intended for people like us, we're just getting caught up in the ****** bureaucracy of it. It does me absolutely no good to receive this credit when I just have to increase my withholding by the same amount to avoid a penalty from the government sending me an advanced credit I don't want.

 

[davethevol]

This thing is going to catch so many people off guard. It looks like the best option is to just deposit the money and sit on it til taxes are due. No way am I doing biometric stuff.

 

[DancingOutlaw]

This thing is going to catch so many people off guard. It looks like the best option is to just deposit the money and sit on it til taxes are due. No way am I doing biometric stuff.

The problem with that is whether or not your employer adjusts your withholding to account for this advanced payment. Because if they don't you'll end up at year end underpaid by quite a bit, to the point of owing underpayment penalties due to the money you have just sitting in your account.

 

[davethevol]

The problem with that is whether or not your employer adjusts your withholding to account for this advanced payment. Because if they don't you'll end up at year end underpaid by quite a bit, to the point of owing underpayment penalties due to the money you have just sitting in your account.

I’m sure that’s no accident on the IRS’s part.

 

[utvolpj]

Why are people going to owe more money? There's very little difference between the tax return credit from last year to this. Unless you go over the income limits for 2021 there shouldn't be much of a change

 

[NorthDallas40]

So out of curiosity are we going to see a similar outrage from the Dems on this policy decision as we did after the Trump tax cuts and people’s tax returns were lower? Asking for a friend.

@lawgator1 i believe I remember you starting a screech thread, one of many of course, on the Trump tax cut return impacts.

 

[bamawriter]

Why are people going to owe more money? There's very little difference between the tax return credit from last year to this. Unless you go over the income limits for 2021 there shouldn't be much of a change

I was thinking the same thing. Perhaps if one is trying to withhold exactly to $0?

 

[utvolpj]

3. And this might aggravate me more than anything, to opt out you have to make an account. To make an account you have to scan a valid driver license or passport AND do a biometric scan of your face. So if that’s required to stop getting money from the IRS why the hell can’t we do that to vote!?

Create it on irs.gov and you can bypass the face validation. Click view account then create account

 

[NorthDallas40]

I was thinking the same thing. Perhaps if one is trying to withhold exactly to $0?

Why wouldn’t any rational person be doing that already.

 

[bamawriter]

Why wouldn’t any rational person be doing that already.

Because a lot of people get themselves backward come April by thinking they did the math correctly.

 

[NorthDallas40]

Because a lot of people get themselves backward come April by thinking they did the math correctly.

To be honest, I don’t shoot for zero i shoot for getting less than $500 back. That might sound like a lot of money to some people but when you consider the tax burden our household owes it isn’t much. I only do that to avoid needing to write the SOB grifters another check.

 

[theFallGuy]

did payments go out this week? I made sure to go online and opt out.

Also if I'm reading correctly it sounds like you have to opt out of each future payment?

 

[SpaceCoastVol]

To be honest, I don’t shoot for zero i shoot for getting less than $500 back. That might sound like a lot of money to some people but when you consider the tax burden our household owes it isn’t much. I only do that to avoid needing to write the SOB grifters another check.

Why give those same grifters a free loan?

 

[SpaceCoastVol]

Why are people going to owe more money? There's very little difference between the tax return credit from last year to this. Unless you go over the income limits for 2021 there shouldn't be much of a change

Because now those 'credits' will be in a different place in the return. Instead of a tax credit, they are giving an advance. There will be no 'credit' in April, therefore refunds will be smaller. This is a very slick con job by Biden. The screaming next April is gonna be epic.

 

[SpaceCoastVol]

The problem with that is whether or not your employer adjusts your withholding to account for this advanced payment. Because if they don't you'll end up at year end underpaid by quite a bit, to the point of owing underpayment penalties due to the money you have just sitting in your account.

That's up to you, not your employer...

 

[utvolpj]

Because now those 'credits' will be in a different place in the return. Instead of a tax credit, they are giving an advance. There will be no 'credit' in April, therefore refunds will be smaller. This is a very slick con job by Biden. The screaming next April is gonna be epic.

Yes there's still a child credit. This is additional money being given up front instead of at tax time

 

[n_huffhines]

did payments go out this week? I made sure to go online and opt out.

Also if I'm reading correctly it sounds like you have to opt out of each future payment?

I got a payment pending.

 

[SpaceCoastVol]

Yes there's still a child credit. This is additional money being given up front instead of at tax time

I don't think so. The way I understand it is that they upped the child tax credit to $2000 and $3000 per child (which is INSANE) and are paying out those monies monthly in advance. You think that they get this AND a tax credit? Hell nobody in their right mind would ever work again if that were true.

 

[NorthDallas40]

Why give those same grifters a free loan?

The interest on a $500 max loan offsets the level of pissed off I would be to write them another check. Plus if you underestimate too much the bastards impose a penalty which equates to the interest they would have earned on your underrun of monthly withholding. So pick the balancing point you want to shoot for

 

[allvol123]

Government is so poorly executed. Received some of this largesse today. There is no way in hell I should be getting it.

 

[SpaceCoastVol]

I also agree it's moronic that you have to go through so many hoops to avoid a penalty on your tax return. But this credit was never intended for people like us, we're just getting caught up in the ****** bureaucracy of it. It does me absolutely no good to receive this credit when I just have to increase my withholding by the same amount to avoid a penalty from the government sending me an advanced credit I don't want.

This is freaking hilarious. The government forces you to give up all kinds of information to 'get your money', but obtaining and showing an ID to vote is burdensome and racist.

How can any of you leftists defend any of this?

 

[utvolpj]

I don't think so. The way I understand it is that they upped the child tax credit to $2000 and $3000 per child (which is INSANE) and are paying out those monies monthly in advance. You think that they get this AND a tax credit? Hell nobody in their right mind would ever work again if that were true.

No they're paying up to $300 per for 6 months. Basically they doubled it and are paying half in checks and half on tax return

 

[NorthDallas40]

Yes there's still a child credit. This is additional money being given up front instead of at tax time

I believe his point on a smaller return in April is valid however. And remember the absolutely stupid screaming we heard out of LG et al that the tax refund was lower?