Current Events > So apparently the stimulus checks we got in 2021 will lower our tax refund

(+) Yeah! (+)

The government will brevet spend a cent on genuinely improving our lives or helping make it easier to survive during a massive crisis.

Same with the child tax credit. Lots of folks rely on a tax refund, almost expect it, so I think our economy is in for a rough spring.

Thanks Trump.

they also received 6 months of installment payments, so no sympathy for them.

joe manwich stopped the payments for the good of the taxes.
seems he also stopped it supposedly because parents bought drugs with it.

did he? my client received 6 payments last year.

I do expect the CTC advances to lower a lot of peoples' refunds when they're not expecting it. Most people don't understand how taxes work.

Only half the credit was paid in advance

they stopping either this month or next. cant remember date.
because they didn't extend it.

I know but unlike with the stimulus, people whose income went above threshold will no longer qualify for it and they'll have to pay it back.

I tried to opt out of mine but the IRS website needed my ID and the picture I uploaded wasn't working. I just decided to increase my quarterly payments.

The credit doesn't increase your income. So the only thing would be if your actual income went over the threshold of 75k if single 150k jointly (first phase out). The second phase out is at $200k single 400k jointly.

It's not going to be a huge issue

I know the credit doesn't increase your income; it's the phase outs I have in mind. My wife and I went from below $150k to well over. I think it will be fairly common to see people who didn't work all of 2020 and then went above the thresholds in 2021. Shouldn't be a big deal for most people given the relative small amount of credit, but some people just don't save money even at those income levels.