Advance Child Tax Credit Opt-Out Requirements

[laterallyshaking]

I logged in to opt out of the advance child credit today with the IRS. As you can see, they require far more in the way of identification (to opt out of something that I never agreed to opt into in the first place) than many states require to vote.

using progressive logic, this is racist, right?

 

[quickfeet]

When is that supposed to pay out?

 

[thenick_ttu]

When is that supposed to pay out?

Starts in July unless you opt out

 

[skramer100]

WTF is the point of these things? Just give the people their money now instead of tax time? Good lord. Is advanced tax refund payment gonna be next? Soon people will be bitching that their child tax credit was way less then last year.

 

[Teddy Jack]

WTF is the point of these things? Just give the people their money now instead of tax time? Good lord. Is advanced tax refund payment gonna be next? Soon people will be bitching that their child tax credit was way less then last year.

This is going to bite a lot of people in the ass too come tax return time when people are expecting their typical refunds. Not gonna get it this year because unless you opt out, you’re going to get it every month.

I personally opted out because I already have my monthly budget and I don’t need it every month.

but the process was crazy! Never that kind of verification for voting.

 

[quickfeet]

This is going to bite a lot of people in the ass too come tax return time when people are expecting their typical refunds. Not gonna get it this year because unless you opt out, you’re going to get it every month.

I personally opted out because I already have my monthly budget and I don’t need it every month.

but the process was crazy! Never that kind of verification for voting.

Yeah I was thinking about how its going to disrupt people who specifically set their exemptions. It creates a lot of unneeded confusion

 

[laterallyshaking]

This is going to bite a lot of people in the ass too come tax return time when people are expecting their typical refunds. Not gonna get it this year because unless you opt out, you’re going to get it every month.

I personally opted out because I already have my monthly budget and I don’t need it every month.

but the process was crazy! Never that kind of verification for voting.

Yeah the biometric facial scan was pretty over the top.

 

[Teddy Jack]

Yeah the biometric facial scan was pretty over the top.

Definitely agree. Not even sure what they were trying to do? Match your love face to the face in the drivers license photo? Either way, yeah, I’m all about protecting peoples information and verification processes. I just wish we would do that for the most important process in our country…..voting.

 

[quickfeet]

I just wish we would do that for the most important process in our country…..voting.

Wow that's the most racist comment I've seen this week

 

[Rusty Student]

Set up an IRS account instead of using ID.me to avoid the biometric information.

www.irs.gov/payments/view-your-tax-account

 

[OrangenBlue98]

You're still going to get 1,800 per child in January. I'm not for this at all, but at this point you should understand how it works.

 

[tiderollsonu]

So someone explain this to me like I'm 12, if you qualify why do you opt out or is it just a matter of not wanting to waste tax payer money? Cause you are paying for it regardless.... Also I don't have a child but do have an adult dependent (daughter in college).

 

[Teddy Jack]

So someone explain this to me like I'm 12, if you qualify why do you opt out or is it just a matter of not wanting to waste tax payer money? Cause you are paying for it regardless.... Also I don't have a child but do have an adult dependent (daughter in college).

Opting out means opting out of monthly installments versus getting it all at tax return time.

 

[Teddy Jack]

You're still going to get 1,800 per child in January. I'm not for this at all, but at this point you should understand how it works.

I don’t think you’re correct on this. This whole thing increases the child tax credit by I think $600 per child and allows families to collect monthly versus waiting till you file.

I do not believe you’re going to get additional $1,800 per child at the end of tax season which is why many folks are going to be in for a shock.

 

[tiderollsonu]

Opting out means opting out of monthly installments versus getting it all at tax return time.

Who's hair brained idea was this

 

[OrangenBlue98]

I don’t think you’re correct on this. This whole thing increases the child tax credit by I think $600 per child and allows families to collect monthly versus waiting till you file.

I do not believe you’re going to get additional $1,800 per child at the end of tax season which is why many folks are going to be in for a shock.

Reread how it works (Google). It's only paying the portion they added in the last stimulus. They didn't change the tax code republicans made law.

 

[OrangenBlue98]

So someone explain this to me like I'm 12, if you qualify why do you opt out or is it just a matter of not wanting to waste tax payer money? Cause you are paying for it regardless.... Also I don't have a child but do have an adult dependent (daughter in college).

You're getting a % of your child tax credit for the next 5 months. My situation I have two under 5. So I'm due per the last stimulus $3,600 per child of I opt out in January.

If I take the payments I would receive $300 for each child totaling $600 per month for five months. I would still be able to claim the remaining $1,800 per dependant in January.

If you have children 6 or older it's $3,000 of you out out, and $250 per month for the next five months and still claim $1,800 in January.

 

[Cre8ive]

I logged in to opt out of the advance child credit today with the IRS. As you can see, they require far more in the way of identification (to opt out of something that I never agreed to opt into in the first place) than many states require to vote.

using progressive logic, this is racist, right?


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America is like a strong faithful dog that is gradually getting so many blood sucking ticks on it is becoming weaker by the day. They will keep sucking until they kill the dog and move on to something else to bleed bone dry.

 

[thenick_ttu]

You're getting a % of your child tax credit for the next 5 months. My situation I have two under 5. So I'm due per the last stimulus $3,600 per child of I opt out in January.

If I take the payments I would receive $300 for each child totaling $600 per month for five months. I would still be able to claim the remaining $1,800 per dependant in January.

If you have children 6 or older it's $3,000 of you out out, and $250 per month for the next five months and still claim $1,800 in January.

Nobody is getting any money in January. That $1,800 you keep mentioning is calculated/included on your tax return. You are not getting a separate payment in January.