2021 Taxes: Child Tax Credit

[Dopey]

Started on my taxes and have come across a question.

How many child tax credit payments were distributed in 2021?

Looking back, I only received 4 deposited payments. But the math, the calendar, and the new form I just received from the IRS says there should have been 6.

Anyone else have this issue? I'm dreading trying to get this resolved.

 

[CycloneDaddy]

Started on my taxes and have come across a question.

How many child tax credit payments were distributed in 2021?

Looking back, I only received 4 deposited payments. But the math, the calendar, and the new form I just received from the IRS says there should have been 6.

Anyone else have this issue? I'm dreading trying to get this resolved.

Did you get an actual check for the first couple?

People are going to be pissed when they are expecting a refund but because of these payments they wont.

 

[cyfan92]

Did you get an actual check for the first couple?

People are going to be pissed when they are expecting a refund but because of these payments they wont.

Already saw two people on my feed complaining that they only got back a couple dollars and not their usual 3-4 figure check.

Little do they know that the ideal refund is $0. But I'll see myself out

 

[Dopey]

Did you get an actual check for the first couple?

People are going to be pissed when they are expecting a refund but because of these payments they wont.

I got my first direct deposit in July. Nothing in August or September. And then direct deposit payments in Oct, Nov, & Dec.

I knew this would lower my return and mess up my withholding strategy. I actually tried to cancel the advanced payments but it was quite the hassle to do so, so I gave up.

Looks like I get a new hassle to deal with.

 

[Raiders70]

Started on my taxes and have come across a question.

How many child tax credit payments were distributed in 2021?

Looking back, I only received 4 deposited payments. But the math, the calendar, and the new form I just received from the IRS says there should have been 6.

Anyone else have this issue? I'm dreading trying to get this resolved.

They should have been deposited the same day each month starting in July...that seems really strange you would get just some of the payments. I would think you would either get them all or none of them.

 

[brianhos]

I filled out the forms to stop these, and they stopped for a few months, and then my wife got a check in Nov and Dec. We are going to owe some much this year.

 

[Tailg8er]

Did you get an actual check for the first couple?

People are going to be pissed when they are expecting a refund but because of these payments they wont.

Really it shouldn't mess with refunds THAT much, if at all. 1) the payments were only half of the total child tax credit, and 2) the total credit for 2021 is much higher than it was for 2020, nearly double.

A lot of misinformation has been shared about these which I think is causing a lot of unnecessary stress for lots of people. The only reason anyone should worry about this is if they got the prepayments but now no longer qualify (due to increased income or no longer claiming the kids or something).

 

[StLouisClone]

I got my first direct deposit in July. Nothing in August or September. And then direct deposit payments in Oct, Nov, & Dec.

I knew this would lower my return and mess up my withholding strategy. I actually tried to cancel the advanced payments but it was quite the hassle to do so, so I gave up.

Looks like I get a new hassle to deal with.

I was able to cancel the advanced payments but basically had to share all of the details of my personal identity with the IRS to get it done (some of it on their website and some over the phone). Their shortcut verification approach (a facial scan) didn't work. The whole process was weird and I was a bit nervous at times that I was being scammed.

 

[Dopey]

I was able to cancel the advanced payments but basically had to share all of the details of my personal identity with the IRS to get it done (some of it on their website and some over the phone). Their shortcut verification approach (a facial scan) didn't work. The whole process was weird and I was a bit nervous at times that I was being scammed.

Yeah, it was outrageous. I uploaded several documents, but still needed some sort of cell phone number identify verification that wasn't able to complete for some reason. I gave up at that point.

 

[Jjohnson1984]

Already saw two people on my feed complaining that they only got back a couple dollars and not their usual 3-4 figure check.

Little do they know that the ideal refund is $0. But I'll see myself out

Nah....let anyone, the government in this case, have a free loan on your dime

 

[Jjohnson1984]

We spent half the monthly checks in anticipation of the credit increase and saved half for the portion applied at end of year. Should be damn near even

 

[Raiders70]

Did you get an actual check for the first couple?

People are going to be pissed when they are expecting a refund but because of these payments they wont.

I would think you would be more interested (all things being equal) if the amount of taxes you had to pay went up or down.

 

[CycloneDaddy]

I would think you would be more interested (all things being equal) if the amount of taxes you had to pay went up or down.

I was thinking about the folks that live paycheck to paycheck and need that small tax refund.

Myself I am more interested in my effective tax rate and not what my refund amount will be.

 

[AgronAlum]

I was thinking about the folks that live paycheck to paycheck and need that small tax refund.

Myself I am more interested in my effective tax rate.

They are still getting it. The child tax credit was increased and the advance payments were basically the amount of the increase. People are still getting nearly the same credit at tax time as they did last year.

 

[every_yard]

They are still getting it. The child tax credit was increased and the advance payments were basically the amount of the increase. People are still getting nearly the same credit at tax time as they did last year.

Yep. Child tax credit increased from $2k per child to $3k. You would have received $1.5k during the year if you accepted all payments, so you’re still getting $1.5k on your tax refund for it. That’s a $500 hit on tax refund, but net $1k pickup YoY.

 

[AgronAlum]

Yep. Child tax credit increased from $2k per child to $3k. You would have received $1.5k during the year if you accepted all payments, so you’re still getting $1.5k on your tax refund for it. That’s a $500 hit on tax refund, but net $1k pickup YoY.

And if your kids are 6 or under the credit was increased to 3600, which is ahead of where you would have been.

 

[CycloneDaddy]

And if your kids are 6 or under the credit was increased to 3600, which is ahead of where you would have been.

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[ScottyP]

They are still getting it. The child tax credit was increased and the advance payments were basically the amount of the increase. People are still getting nearly the same credit at tax time as they did last year.

Thanks for that information.

 

[tyrelrobert]

And if your kids are 6 or under the credit was increased to 3600, which is ahead of where you would have been.

And they also raised the credit amount for daycare and other child expenses.

 

[tyrelrobert]

Child care tax credit is bigger this year: How to claim up to $16,000

Taxpayers can claim more child care expenses this tax season. They can also get more of that money back.

www.google.com