Advance Child Credit - Anyone just get their first check in October?
Advance Child Credit - Anyone just get their first check in October?
I just got a $667 check from IRS for the Advanced Child Credit. It says October payment on the check. We have two kids 5 and under and didn't get anything for July, August, or September. AGI is above the phase-out threshold but below the max. Anyone know how this was calculated and whether we should have gotten checks for July-September? Will we be getting more in November and December? Perhaps we're getting $2,000 spread over Oct-Dec? Not sure how this is being calculated.
Re: Advance Child Credit - Anyone just get their first check in October?
I'm in a similar boat. I received my first CTC check in October for $950.
Re: Advance Child Credit - Anyone just get their first check in October?
When did IRS process y'all's year 2020 taxes?
They haven't processed ours yet; we are yet to receive a single check
They haven't processed ours yet; we are yet to receive a single check
Re: Advance Child Credit - Anyone just get their first check in October?
OP, figuring out why you just got your first CTC seems a matter of divination
My guess is you'll get the same check amount in Nov & Dec.
And you'll get whatever you're due when you file a return for your 2021 taxes.
My guess is you'll get the same check amount in Nov & Dec.
And you'll get whatever you're due when you file a return for your 2021 taxes.
Re: Advance Child Credit - Anyone just get their first check in October?
Ah good point. Didn't get my refund until September. Now it makes sense. The back up on my 2020 return caused the delay in receiving the credit. Surprised at the amount too, but won't complain.
Re: Advance Child Credit - Anyone just get their first check in October?
Calculator:
https://www.kiplinger.com/taxes/602334/ ... calculator
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Re: Advance Child Credit - Anyone just get their first check in October?
I should probably knows this already, but I don't, so... what's the play here? Spend/Save/Invest it as I see fit? Or, set aside until I file 2021 Federal Income Tax returns? Last year, with the stimulus checks, we spent some and saved some, and then when I filed 2020 returns, I had an amount due. So, with these, I'm just setting aside to cover any possible amount due. This isn't free money, right? But rather a prepayment of the tax credit. I'm so confused.
Re: Advance Child Credit - Anyone just get their first check in October?
As described here https://www.hrblock.com/tax-center/irs/ ... ax-credit/:Bob Loblaw wrote: ↑Tue Oct 19, 2021 10:59 am I should probably knows this already, but I don't, so... what's the play here? Spend/Save/Invest it as I see fit? Or, set aside until I file 2021 Federal Income Tax returns? Last year, with the stimulus checks, we spent some and saved some, and then when I filed 2020 returns, I had an amount due. So, with these, I'm just setting aside to cover any possible amount due. This isn't free money, right? But rather a prepayment of the tax credit. I'm so confused.
Basically, if you were going to get the CTC anyway, not all of the money you're getting now is extra; it's just a prepayment as you noted. But the amount of the CTC went up compared to 2020 so part what you're getting now is "extra" or "free".As part of changes from the March 2021 stimulus bill, the value of the credit as well as the age limit have increased. The CTC is now fully refundable, which means you can receive the credit even if you don’t owe the IRS.
Specifically, half of the credit will be distributed in advance of the 2022 filing season (when you’d file your 2021 return). In fact, nearly 90% of children in the U.S. will be covered by advance payments of the credit according to the IRS.
Personally, I would keep it around in a savings account until you get a chance to do your taxes, maybe even do a test run in late November or early December.
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Re: Advance Child Credit - Anyone just get their first check in October?
Every month has been different for spouse's check. They received at first a $300 check, then $375, and now $500 for Oct--that came in two days ago. Not sure the reasoning on the different amounts.
As for my checks, I went through the process of opting out. What a process--unlike anything I've ever done before, submitting and resubmitting multiple personal IDs through a web portal, and then doing a very bizarre, slightly creepy video chat with a third party company to verify my identity which had technical issues. All to refuse money lol. That's why we didn't do it with spouse's. Keeping those amounts all in the savings account in case we need to pay it back.
As for my checks, I went through the process of opting out. What a process--unlike anything I've ever done before, submitting and resubmitting multiple personal IDs through a web portal, and then doing a very bizarre, slightly creepy video chat with a third party company to verify my identity which had technical issues. All to refuse money lol. That's why we didn't do it with spouse's. Keeping those amounts all in the savings account in case we need to pay it back.
Re: Advance Child Credit - Anyone just get their first check in October?
I was getting checks starting in july but each month the amounts changed. I opted in for direct deposit and started receiving funds in my bank account but also kept getting checks….
Re: Advance Child Credit - Anyone just get their first check in October?
I had to file a corrected federal tax return and got my refund in September so that was probably why.