I feel like no one should opt out! Even if you have to pay it back, it is an interest free loan from the government. And when does that ever happen?!
This is a major reason we didn’t opt out either but interest rates on savings and stuff are just so sad right now lol. I mean, I’ll take anything but because I expect to use it next year for kid-related expenses it doesn’t make sense to invest long-term.
I’m not ashamed to say we got it and we’ll use every bit of it. The only place I’ve seen people talking about opting out is here and to me this place is not a good spectrum of real life (so many people here have more than 1 bathroom which in my head means you’re not poor 😂).
Yes!! Ours will not be going into savings or a college fund (is this where I admit we really don't have either of those) . It will go to whatever shit we happen to need at the time.
Post by bugandbibs on Jul 17, 2021 11:41:51 GMT -5
Question: We got the payment for DD1 too and she is currently 18 (she turned 18 this year). I thought the payments are for 17 and under. Does she count because she was 17 during 2020 (for the tax year) or should I be expecting to have to pay this back? She does not have any income, and I don’t expect her to for the remainder of the year so she won’t be filing her own taxes.
share.memebox.com/x/uKhKaZmemebox referal code for 20% off! DD1 "J" born 3/2003 DD2 "G" born 4/2011 DS is here! "H" born 2/2014 m/c#3 1-13-13 @ 9 weeks m/c#2 11-11-12 @ 5w2d I am an extended breastfeeding, cloth diapering, baby wearing, pro marriage equality, birth control lovin', Catholic mama.
Question: We got the payment for DD1 too and she is currently 18 (she turned 18 this year). I thought the payments are for 17 and under. Does she count because she was 17 during 2020 (for the tax year) or should I be expecting to have to pay this back? She does not have any income, and I don’t expect her to for the remainder of the year so she won’t be filing her own taxes.
I don't have an answer for why you recieved payment for her but we had the opposite happen, DS1 is 5 (will turn 6 in the fall) and we recieved $250 for him (+$300 for DS2). We figured they based it on birth year as he will be 6 at the end of the calendar year/for 2021 tax return purposes.
I am admittedly kind of tax dumb (DH does them - I just read off the numbers…).
PDQ: He’s up for a big promotion in the fall (form associate to partner in a large-ish law firm). His income will probably go up significantly if this happens. Should we be opting out? We aren’t close to the phase out number right now and maybe wouldn’t be even after this promotion (I’m a teacher, I don’t make shit).
"Hello babies. Welcome to Earth. It's hot in the summer and cold in the winter. It's round and wet and crowded. On the outside, babies, you've got a hundred years here. There's only one rule that I know of, babies-"God damn it, you've got to be kind.”
Question: We got the payment for DD1 too and she is currently 18 (she turned 18 this year). I thought the payments are for 17 and under. Does she count because she was 17 during 2020 (for the tax year) or should I be expecting to have to pay this back? She does not have any income, and I don’t expect her to for the remainder of the year so she won’t be filing her own taxes.
Yes, it's only supposed to be for 17 and under. And they go by the child's age on Dec 31, 2021 (which is why they treated your 5 yr old like a 6 yr old, [mention]klee23 [/mention]).
The IRS is supposed to release a portal next month where you can make changes to your elections, so you might be able to remove your oldest daughter. Also the monthly payments are an advance on 50% of the credit, so you might not actually have to pay back the extra money, it just means you're getting more than half of the tax credit now versus at tax time.
We got our first one. It's sitting right now, but I have hopes to donate it if we can. We had no income for the first ~4.5 months of the year but savings helped us through and we had family to fall back on if we needed it. I know a lot of others aren't so lucky and I really want to spread the love.
Post by imimahoney on Jul 17, 2021 15:35:42 GMT -5
We opted out. 1. We didn't need it and 2. Dh got a promotion so we didn't know what that would do to us. We love getting a refund come tax time and didn't want to mess with that.
Question: We got the payment for DD1 too and she is currently 18 (she turned 18 this year). I thought the payments are for 17 and under. Does she count because she was 17 during 2020 (for the tax year) or should I be expecting to have to pay this back? She does not have any income, and I don’t expect her to for the remainder of the year so she won’t be filing her own taxes.
This is similar to my question. My kid turns 18 in August but I didn't get a deposit this week.
Question: We got the payment for DD1 too and she is currently 18 (she turned 18 this year). I thought the payments are for 17 and under. Does she count because she was 17 during 2020 (for the tax year) or should I be expecting to have to pay this back? She does not have any income, and I don’t expect her to for the remainder of the year so she won’t be filing her own taxes.
Yes, it's only supposed to be for 17 and under. And they go by the child's age on Dec 31, 2021 (which is why they treated your 5 yr old like a 6 yr old, [mention]klee23 [/mention]).
The IRS is supposed to release a portal next month where you can make changes to your elections, so you might be able to remove your oldest daughter. Also the monthly payments are an advance on 50% of the credit, so you might not actually have to pay back the extra money, it just means you're getting more than half of the tax credit now versus at tax time.
We got $250 per child as well (in direct deposit) and we don't make over 150k either. I'm not going to complain, but I wonder why.
It’s $300 for under 6, $250 for 6-17.
Yes, I have two kids in the 6-17 range. We are not over 150k, and are getting $440. It seems like a very strange number when the website says they start reducing $50 at a time.
Yes, I have two kids in the 6-17 range. We are not over 150k, and are getting $440. It seems like a very strange number when the website says they start reducing $50 at a time.
Our number is weird too - $179? For one child who was 5 at the end of 2020.
Post by pierogigirl on Jul 19, 2021 7:42:56 GMT -5
We didn't opt out and didn't get the $. I think it is because I received an inheritance last year that made it look like we made more money than we do, but our actual salaries make us eligible. I like getting a big refund anyway, so hopefully it works out in the end.
I don't know what we will spend it on. Certainly we have enough expenses and we are still recovering from taking pay cuts (and everything else) last year.
Got ours today via paper check, even though our other stimulus payments and all previous tax refunds have always been direct deposit. 🤷♀️ Glad to have it to go towards her daycare tuition (a new-ish expense for us, started at end of March).
Post by puppylove64 on Jul 21, 2021 8:54:40 GMT -5
We got ours. It is going towards summer camp costs and our out of pocket medical has been way higher this year, so credit card payment. It is much needed and appreciated
Bumping this, but I was just checking my account and noticed that I got ours even though my husband and I both opted out. Did this happen to anyone else? I submitted the request before the 15th but only a few days before so maybe that's why?