child tax credit.. vachinda? we are really eligible for it?

[lachi]

do we have to pay back in the Year end while filing taxes?

@Spartan and experts please explain.. 

 

actually i got 167 for my kid today. and i heard it would be 167 per month for next 6 months. 

[lachi]

for more info, we are on H1 and H4. kid born in US. 

[Spartan]

no need to pay back u will get it for rest of the year

[lachi]

2 minutes ago, Spartan said:

no need to pay back u will get it for rest of the year

ayite picha picha ga vaadesuko antav

[Spartan]

Just now, lachi said:

ayite picha picha ga vaadesuko antav

inflation ani reverse lo mingutunnaru ga 

[appaji_pesarattu]

Calculate the amount by yourself

https://www.cnn.com/2021/07/12/politics/irs-child-tax-credit-calculator/index.html

 

What are the dates for the other payments?

The IRS says the monthly payments will be disbursed on these dates:

• July 15
• August 13
• September 15
• October 15
• November 15
• December 15

What if I earn above the threshold?

The Child Tax Credit is still available for people who earn over $95,000 and joint filers earning $170,000 — but they will receive the regular CTC of $2,000 per child. 

That $2,000 tax credit is available to single taxpayers earning less than $200,000 and married couples earning less than $400,000.

 

I'd rather get a big refund next year — can I opt out?

As noted above, the expanded CTC provides a $3,600 credit for each child under 6 years old and $3,000 for each child age 6 to 17. 

The monthly payments represent half of the total credit, with the cash deposits running from July through December. For example, a family with one child under 6 will receive half of the $3,600 credit in cash, or $1,800, which will be split into six monthly checks of $300 each. 

The remainder of the CTC is claimed when you file your 2021 taxes early next year. 

Some taxpayers who want to get a bigger tax refund in 2022 have asked if they could opt out of the monthly payments and simply claim the entire $3,600 or $3,000 tax credit on their 1040s. The answer is yes, Steber said.

To opt out, taxpayers should go to the Child Tax Credit Update Portal.

Will I need to pay taxes on the CTC payments? 

No, because the CTC payments aren't considered income, Steber said. 

"Much like the stimulus payments, these are tax credits," he noted. 

But recipients should keep track of how much they receive from the IRS, because they will need to reconcile those payments on their 1040s in early 2022. That's because half of the CTC will be claimed on your tax return, so you'll need to know how much you received to accurately report that information. 

[dewarist]

Conflicting information on this

one website says atleast one parent has to be USC and the Kid obviously has to be a USC to get the credit

But you say you got it , that makes it interesting

[lachi]

41 minutes ago, Spartan said:

inflation ani reverse lo mingutunnaru ga 

o[pposition kutra ani biden taata to cheppinchali..  

[appaji_pesarattu]

5 minutes ago, dewarist said:

Conflicting information on this

one website says atleast one parent has to be USC and the Kid obviously has to be a USC to get the credit

But you say you got it , that makes it interesting

thats not true... i got it today...if the child receives their yearly tax credit of 2000 then they are eligible for this

[lachi]

6 minutes ago, dewarist said:

Conflicting information on this

one website says atleast one parent has to be USC and the Kid obviously has to be a USC to get the credit

But you say you got it , that makes it interesting

even i got a letter (physical mail) saying my kid eligible for child tax credit. 

[lachi]

Just now, appaji_pesarattu said:

thats not true... i got it today...if the child receives their yearly tax credit of 2000 then they are eligible for this

i didnt get this 2000 before. this is first 167 on child .

[Sarvapindi]

7 minutes ago, dewarist said:

Conflicting information on this

one website says atleast one parent has to be USC and the Kid obviously has to be a USC to get the credit

But you say you got it , that makes it interesting

neeku raleda

[dewarist]

8 minutes ago, Sarvapindi said:

neeku raleda

I did not get it and I got a tax credit of 2000 on my Tax return for year 2020

[dewarist]

6 minutes ago, lachi said:

i didnt get this 2000 before. this is first 167 on child .

$2000 is a credit which reduces your tax liability. It is not direct cash

[8pm]

1 hour ago, lachi said:

do we have to pay back in the Year end while filing taxes?

@Spartan and experts please explain.. 

 

actually i got 167 for my kid today. and i heard it would be 167 per month for next 6 months. 

 

1 hour ago, lachi said:

for more info, we are on H1 and H4. kid born in US. 

Naku multiple mails vachayi.

kani 💵 raale