| CURRENT EVENTS I don't have any kids, but this gets me. A check from the treasury for Child Tax Credit advance?

TerryP

Thread Starter
Ivory Club
Forgive my lack of knowledge on this...went down a small rabbit hole this morning reading a little about these credits.

If I'm reading this whole thing correctly, this comes out of what they were eligible for on their 2021 return, right? These folks are getting money today, basically a loan, they'll have to repay come April of '22?
 

Rolltide24

Century Club
There’s going to be a ton of folks crying when the tax man comes in early 2022. And folks’ refunds are thousands smaller than in the past. There’s info out there noting that most of this is an early distribution of the credit, but a lot of the folks that will be getting that money won’t pay attention. Anyone want to be some politicians try in January to give folks their normal credit again on their tax returns? 🤣 I wouldn’t put it past them these days. A few people cry so the nation bends over backwards to comfort them even though they didn’t read…

Mark my word, there will be lots of wailing and gnashing of teeth in January and February.
 

rocknthefreeworld

Century Club
These folks are getting money today, basically a loan, they'll have to repay come April of '22?
Usually only repay if they become ineligible for the child tax credit after they have received it. This is basically an advance payment of the credit they would normally receive next year. They could also have to repay if they are not taking enough taxes out and the credit they don't get when filing puts them owing due to that.
 

rocknthefreeworld

Century Club
Anyone want to be some politicians try in January to give folks their normal credit again on their tax returns?
I fully expect that they will do that next year at some point. Look at what they did for those who got taxed on the unemployment last year.

 

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