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KarenK122
The Journey is the Destination
Member since 5/05 4431 total posts
Name:
Karen
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Re: Child credit opt out
Posted by LSP2005
Posted by KarenK122
Posted by newlywedT
Tax stuff is always so complicated.
Why do people opt out of this?
Is it only so they get the money during tax time instead?
For me personally, I opted out because I think I was given it in error. If everything we read about it, we are not in the qualification criteria. So knowing how inept the government and IRS is, they probably screwed something up and I do not feel like paying it back next April.
And also, I don't believe anyone who was not financially affected by Covid should be receiving any payments, and thankfully we were not.
you would need to make more than $400,000 to not qualify.
Well we don't make that much lol. At least outside of my dreams : ). I thought I read it was lower than that but regardless, we don't need the money now and I don't believe in taking something that we do not need.
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Posted 7/22/21 11:35 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
blu6385
Member since 5/08 8351 total posts
Name:
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Re: Child credit opt out
Posted by KarenK122
Posted by LSP2005
Posted by KarenK122
Posted by newlywedT
Tax stuff is always so complicated.
Why do people opt out of this?
Is it only so they get the money during tax time instead?
For me personally, I opted out because I think I was given it in error. If everything we read about it, we are not in the qualification criteria. So knowing how inept the government and IRS is, they probably screwed something up and I do not feel like paying it back next April.
And also, I don't believe anyone who was not financially affected by Covid should be receiving any payments, and thankfully we were not.
you would need to make more than $400,000 to not qualify.
Well we don't make that much lol. At least outside of my dreams : ). I thought I read it was lower than that but regardless, we don't need the money now and I don't believe in taking something that we do not need.
If you make more than $150000 the amount you get starts to be lower. This isn’t a stimulus this is a tax credit people are getting in advance so no matter what you will eventually get it.
I will not be taking it earlier simply cause we like a bigger return at the end of the year but we do also make More than the cap so we don’t get the full amount and every year as are income changes and we will probably make more this year so they will probably need up overpaying us if we take it early.
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| Posted 7/23/21 8:54 AM |
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| Pages: 1 [2] |
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