stock market was up today...

[NorthDallas40]

My understanding is that it's the same as most get but an advance. So people will have a smaller tax return because it'll already be paid out. Which will be hilarious to watch.

I’m guessing we won’t hear the outrage this time from a certain group of forum posters when their tax return is smaller

 

[RikidyBones]

I’m guessing we won’t hear the outrage this time from a certain group of forum posters when their tax return is smaller

I can't wait to hear the local channels with stories of some mother of 7 complaining about it. Will be entertaining for sure.

 

[BreatheUT]

My understanding is that it's the same as most get but an advance. So people will have a smaller tax return because it'll already be paid out. Which will be hilarious to watch.

It is going from $2 per child to $3k or $3.6k depending on age. Combine that with an increase in spending and the numbers don't add up unless there is a substantial tax increase for some.

 

[Ernest T. Vol]

My understanding is that it's the same as most get but an advance. So people will have a smaller tax return because it'll already be paid out. Which will be hilarious to watch.

Advanced credit... when reconciled on the tax return in the spring, the taxpayer may be entitled to more or may have been paid too much depending on circumstances and changes in circumstances. However, forgiveness for too much advanced credit has precedent from this spring with the Advanced Premium Tax Credit for Obama Care. I would suspect the same thig may happen with the advanced child amounts when filing time comes.

 

[AshG]

I just want my return back. Our accountant filed in mid March; it's still "in processing".

We don't need it to survive, but it would make the upcoming move less of a hassle.

 

[RikidyBones]

I just want my return back. Our accountant filed in mid March; it's still "in processing".

We don't need it to survive, but it would make the upcoming move less of a hassle.

I filed an amended and they haven't even posted it and said to wait. Give me my money back from 2019, stupid asses.

 

[DancingOutlaw]

My understanding is that it's the same as most get but an advance. So people will have a smaller tax return because it'll already be paid out. Which will be hilarious to watch.

It’s going to be interesting for people who would normally use the credit as a offset to their tax bill. So now you’re basically getting an advance on the credit which means your withholding will be dollar for dollar short by the payments you receive. So if you choose to take it now you also need to increase your withholding to make up for it which makes it a complete waste of time.

 

[utvolpj]

It’s going to be interesting for people who would normally use the credit as a offset to their tax bill. So now you’re basically getting an advance on the credit which means your withholding will be dollar for dollar short by the payments you receive. So if you choose to take it now you also need to increase your withholding to make up for it which makes it a complete waste of time.

They're not giving the whole amount in advance. People are just getting the increased credit in 6 monthly checks instead of on their returns. If you opt out of the payments you'll get the full increased credit

 

[RikidyBones]

They're not giving the whole amount in advance. People are just getting the increased credit in 6 monthly checks instead of on their returns. If you opt out of the payments you'll get the full increased credit

Right but some folks think it's a payment ON TOP of their usual. I've told friends to opt in so the gov doesn't keep their money interest free.

 

[SpaceCoastVol]

I just want my return back. Our accountant filed in mid March; it's still "in processing".

We don't need it to survive, but it would make the upcoming move less of a hassle.

Why do you continue to give the .gov a free loan?

But on the upside, they cashed my check within 2 weeks

 

[Thunder Good-Oil]

Right but some folks think it's a payment ON TOP of their usual. I've told friends to opt in so the gov doesn't keep their money interest free.

What is this “interest” that you speak of?

 

[Orangeburst]

Why do you continue to give the .gov a free loan?

But on the upside, they cashed my check within 2 weeks

New avi? Gotta get used to it..

 

[Velo Vol]

Take out the extreme outlier (Great Depression) and the last recovery was faster than the rest.

 

[Thunder Good-Oil]

Take out the extreme outlier (Great Depression) and the last recovery was faster than the rest.

View attachment 379415

For what to double? The DJIA?

 

[Velo Vol]

For what to double? The DJIA?

It's the Animal Spirits podcast. He said S&P 500, then he said "US stock market." S&P doesn't go all the way back, obviously.

Anyway, the point they were discussing is if things are different now. Seeing what the Fed/federal government has done the last two recessions, it's hard to imagine that slow 1970s recovery happening again.

 

[Thunder Good-Oil]

It's the Animal Spirits podcast. He said S&P 500, then he said "US stock market." S&P doesn't go all the way back, obviously.

Anyway, the point they were discussing is if things are different now. Seeing what the Fed/federal government has done the last two recessions, it's hard to imagine that slow 1970s recovery happening again.

The timing of movements in equity market averages are usually disconnected from economic recoveries. Generally stocks move ahead of the overall economy… but they can miss and move the wrong way. They are almost always going to overshoot to the upside and the downside.

The 1970s didn’t have anywhere close to the participation of today and very little information trickled down to retail investors. Now small investors are organizing and creating havoc with select individual issues. Plus just a handful of loathe cap companies distort the overall market performance.

IMO macro-economic measures such as employment data, inflation, productivity, federal deficits (or the elusive surpluses), and profitability of companies better reflect if the elected officials are managing the economy competently. Interest rates heavily influence equities… which politicians have little control of.

 

[DancingOutlaw]

It's the Animal Spirits podcast. He said S&P 500, then he said "US stock market." S&P doesn't go all the way back, obviously.

Anyway, the point they were discussing is if things are different now. Seeing what the Fed/federal government has done the last two recessions, it's hard to imagine that slow 1970s recovery happening again.

Things are certainly different now. The government created a recession by edict. Then printed a bunch of money to patch the holes in the economy. What a novel concept, give people who don't need it trillions of dollars and magically the stock market takes off. They'll be studying that strategy at Yale and Harvard for decades.

 

[Velo Vol]

The 1970s didn’t have anywhere close to the participation of today and very little information trickled down to retail investors.

A key reason why prolonged bear markets no longer fly.

 

[Vol737]

Think somebody knows something about the big tech antitrust bill??

Pelosi's husband bought up to $11 million of Big Tech stocks as House moved on reform legislation

 

[SpaceCoastVol]

Think somebody knows something about the big tech antitrust bill??

Pelosi's husband bought up to $11 million of Big Tech stocks as House moved on reform legislation

Nothing to see here... move along....

 

[DancingOutlaw]

They're not giving the whole amount in advance. People are just getting the increased credit in 6 monthly checks instead of on their returns. If you opt out of the payments you'll get the full increased credit

If I owe $10k in tax for 2021 and my witholding + child credits is $10k, and I get half the child credits up front, I'm going to be underpaid dollar for dollar on my 2021 return unless I increase my withholding. You're just moving money from one pocket to the other. I've started the process to refuse the checks but I have to upload identifications to prove I'm me.

 

[utvolpj]

If I owe $10k in tax for 2021 and my witholding + child credits is $10k, and I get half the child credits up front, I'm going to be underpaid dollar for dollar on my 2021 return unless I increase my withholding. You're just moving money from one pocket to the other. I've started the process to refuse the checks but I have to upload identifications to prove I'm me.

It's really extra money not the full previous credit amount. Unless you adjusted withholding to account for it before it was passed then the numbers aren't really off

 

[NEO]

I just want my return back. Our accountant filed in mid March; it's still "in processing".

We don't need it to survive, but it would make the upcoming move less of a hassle.

Which colleges have you applied at in Ohio?

Have you tried Denison? Granville is amazing and a quick jaunt down 161 to New Albany and Easton. Granville has gotten a lot more posh which and I miss the old bar but it’s very family oriented.

Ohio University in Athens is nice and more liberal than OSU.

Miami University near Cinci is nice and close enough to hit the city if needed.

There is also a very nice college in Westerville but the name escapes me right now.

Just wanted to make sure you didn’t overlook them.

 

[DancingOutlaw]

It's really extra money not the full previous credit amount. Unless you adjusted withholding to account for it before it was passed then the numbers aren't really off

Our payroll system automatically adjusted my withholding down quite a bit to account for the credits, if I took the first of da month option I'd be way underpaid.

 

[AshG]

Which colleges have you applied at in Ohio?

Have you tried Denison? Granville is amazing and a quick jaunt down 161 to New Albany and Easton. Granville has gotten a lot more posh which and I miss the old bar but it’s very family oriented.

Ohio University in Athens is nice and more liberal than OSU.

Miami University near Cinci is nice and close enough to hit the city if needed.

There is also a very nice college in Westerville but the name escapes me right now.

Just wanted to make sure you didn’t overlook them.

Thank you! Unfortunately, none of them have positions in my field. I just had a second round interview not too far from here that is exceedingly promising. I can't wait to share it with you all when it pulls through.