PSA: Money is coming in the mail this week

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Forum -> Household Management -> Finances

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wiki

Mon, Jul 12 2021, 12:49 pm

Starting on Thursday, July 15th, federal checks will start getting mailed out.

For married households who report under $150,000 in income, you'll be getting:
--$300 for every child under 6
--$250 for every child 6-17

The checks are coming monthly for the rest of the year.

This isn't a politics thread, so I'm not here to debate the law. Just letting people know to expect that it's coming!

Personally, some of this money will cover prices of consumables that have increased this year. Quite a bit will also be left over after that.

(More info: this is a big expansion of the old Child Tax Credit, but it's also a new system of delivery. People used to claim this tax credit when they filed taxes. Now, you don't deduct it from taxes anymore, but get it paid upfront in a monthly check. The total amount has increased quite a bit, though.)

amother

Outerspace

Mon, Jul 12 2021, 1:19 pm

Thanks wiki! Can I get it if I had a baby in 2021, and how?

amother

Eggplant

Mon, Jul 12 2021, 1:22 pm

Take into account that if you are used to getting a bulk amount as child tax credits at the end of the year, it will be coming off that amount. So if you usually save that money for big expenses, you might want to put this money aside and not spend it right away.

You can also request not to get the money now, but get it in bulk when you file your 2021 taxes.

Last edited by amother on Tue, Dec 21 2021, 11:16 am; edited 1 time in total

amother

Maroon

Mon, Jul 12 2021, 1:26 pm

You are still getting a tax credit when you file taxes. The credit has increased significantly and part of it your getting monthly and the rest at the end of the year.

wiki

Mon, Jul 12 2021, 1:48 pm

amother [ Outerspace ] wrote:

Thanks wiki! Can I get it if I had a baby in 2021, and how?

I don't know the answer, but some tips here:
https://www.forbes.com/sites/j.....02941

amother

Aquamarine

Mon, Jul 12 2021, 1:52 pm

I was under the impression that all households earning under 400,000 for a married couple waa getting this.

Is that incorrect?

amother

Feverfew

Mon, Jul 12 2021, 1:57 pm

amother [ Aquamarine ] wrote:

I was under the impression that all households earning under 400,000 for a married couple waa getting this.

Is that incorrect?

We make 200,000. I think it’s very reduced. Not getting the extra amount.

acemom

Mon, Jul 12 2021, 2:32 pm

If I understood correctly, if you got your refund in previous years as a direct deposit, you will be getting the credit straight into your bank account.

It is a good PSA though, especially for those that don't check their mail regularly now in the summer.

BrachaVHatzlocha

Mon, Jul 12 2021, 2:35 pm

I am under the impression that $2000/ year became $3000/year, (which works out to $250/month) and you will get for next 6 months. The rest (jan-june) will be on next year's refund.
If I am not mistaken... The issue is if this usually pays for taxes owes, you may end up owing now that you already got part of your refund back...

lfab

Mon, Jul 12 2021, 2:39 pm

BrachaVHatzlocha wrote:

If I am not mistaken... The issue is if this usually pays for taxes owes, you may end up owing now that you already got part of your refund back...

This was my concern. I'm very happy to get money, but not if it means I'll end up paying $8,000+ when I for taxes next year! If we don't generally end up getting a refund is it better to opt out?

BrachaVHatzlocha

Mon, Jul 12 2021, 2:41 pm

lfab wrote:

This was my concern. I'm very happy to get money, but not if it means I'll end up paying $8,000+ when I for taxes next year! If we don't generally end up getting a refund is it better to opt out?

If you have an accountant, best to ask. I would like to know the answer. LOL.
also, keep in mind you are only getting 1/2 of the money now so at least the other 1/2 can go towards owed taxes

Success10

Mon, Jul 12 2021, 2:44 pm

Yes, you can unenroll. https://www.irs.gov/credits-de.....ortal

amother

Seagreen

Mon, Jul 12 2021, 3:31 pm

wiki wrote:

Do those of us who make more get nothing?

LovesHashem

Mon, Jul 12 2021, 3:52 pm

Do people without kids get anything?

Success10

Mon, Jul 12 2021, 4:00 pm

LovesHashem wrote:

Do people without kids get anything?

No, and it's also not for those who reside outside the US. Mad

LovesHashem

Mon, Jul 12 2021, 4:19 pm

Success10 wrote:

No, and it's also not for those who reside outside the US. Mad

Oh shame.

amother

Coral

Mon, Jul 12 2021, 4:30 pm

I opted out because I will need that big amount of money to pay towards my next years tuition. I also might owe taxes if I get too much in advance because this year my dh earned more bh so we will need to pay more taxes.

Me and my dh has to each separately opt out bec we file jointly, but the online system didnt work for us, so we opted out on the phone. I hope it went through.

FranticFrummie

Mon, Jul 12 2021, 4:33 pm

Dang, DD picked a fine time to turn 18! Mad

Couldn't she have waited another year or two?

amother

Slateblue

Mon, Jul 12 2021, 4:35 pm

Success10 wrote:

No, and it's also not for those who reside outside the US. Mad

Is this accurate? The stimulus payments were for all US citizens even those not living in the US. My brother hasn't been in the US in over a decade but is a US citizen and received all the stimulus checks.

Reality

Mon, Jul 12 2021, 4:40 pm

amother [ Slateblue ] wrote:

Yes it is. The stimulus checks were for all US citizens. The child tax credit has more specific rules. One of them is residing in the US more than 6 months of the year.

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