@@ IRS Child Tax Credit Portal available

[beerlover]

I can't get this to work either. I finally got my photos to work, then did the other stuff and got to the end and it said "we couldn't verify your identity." Ugh. This is dumb.

[ssmjlm]

I need to get DH to do the whole thing so we can both un-enroll.

[waverly]

Jun 23, 2021 17:03:00 GMT -5 sicilygirl said:

To follow up, you won’t be in danger of owing the IRS back any of the advanced payments until your MAGI exceeds $400k, if you’re MFJ, since the advance is capped at $1800/child and your credit won’t be reduced below $2,000 until that income level.

I am still worried about this since I worry about everything to do with the IRS.  Anyway, how does the timing of this all affect things?  You say they are advanced payments, so what tax year are they for 2021 or 2022?  So instead of getting the credit in Feb- April 2022 when we file for the 2021 year, we get it now?  I am still not convinced that I won't pay more in April then since if I am getting half now, then I would get half when I file? So I would still end up owing more when I file?

[underwaterrhymes]

Jun 25, 2021 13:16:28 GMT -5 waverly said:

Jun 23, 2021 17:03:00 GMT -5 sicilygirl said:

To follow up, you won’t be in danger of owing the IRS back any of the advanced payments until your MAGI exceeds $400k, if you’re MFJ, since the advance is capped at $1800/child and your credit won’t be reduced below $2,000 until that income level.

I am still worried about this since I worry about everything to do with the IRS.  Anyway, how does the timing of this all affect things?  You say they are advanced payments, so what tax year are they for 2021 or 2022?  So instead of getting the credit in Feb- April 2022 when we file for the 2021 year, we get it now?  I am still not convinced that I won't pay more in April then since if I am getting half now, then I would get half when I file? So I would still end up owing more when I file?

I don’t know if this helps answer your question, but we have owed $$ every year since 2016. H makes quite a bit more than I do, so we have figured out I need to have additional $ withheld from my paycheck since I’m taxed too low based on our family income. Because of this, and because we are above the first threshold where it starts to phase out, but well below the second where it phases out altogether, I worried that if we receive $ now, we will wind up owing again, which we are really trying to avoid with the additional taxes withheld now. Owing is stressful for us and I’d much rather maximize our chances of not having to pay a chunk of $$ in April.

[W.T.Faulkner]

I think you can avoid uploading your ID. I already had an account with the IRS from getting our tax transcript. H didn’t want to upload his photo, so I created him an account on the IRS website (just needed his SSN and the last 8 digits of his Discover card) and then used that to log into the portal and unenroll.

[sicilygirl]

Jun 25, 2021 13:16:28 GMT -5 waverly said:

Jun 23, 2021 17:03:00 GMT -5 sicilygirl said:

To follow up, you won’t be in danger of owing the IRS back any of the advanced payments until your MAGI exceeds $400k, if you’re MFJ, since the advance is capped at $1800/child and your credit won’t be reduced below $2,000 until that income level.

I am still worried about this since I worry about everything to do with the IRS.  Anyway, how does the timing of this all affect things?  You say they are advanced payments, so what tax year are they for 2021 or 2022?  So instead of getting the credit in Feb- April 2022 when we file for the 2021 year, we get it now?  I am still not convinced that I won't pay more in April then since if I am getting half now, then I would get half when I file? So I would still end up owing more when I file?

Sounds like you've got it.  They payments you would receive in July-December 2021 are advances of the 2021 credit, which you would otherwise see on your 2021 tax return that you file at some point in 2022.  How it shakes out on your 2021 tax return depends on your specific circumstances.  The bottom line is that it's just shifting the timing around of when you get the money - now or later.  Your total tax liability will be the same though, whether you take the advanced payments or not.

But yes, getting the advanced payments will result in you either getting a smaller refund or owing more when you file next year because the portion of the credit you receive early will not be on the tax return offsetting your tax like it would be if you do not receive the advanced payments (which is different than owing part of the credit back, like I was talking about above).  It may still be a concern for you though, depending on how you manage your tax throughout the year and at the time you file.

I'm sure that's confusing - it's hard to answer these types of questions because the answers aren't generic and vary based on your individual tax situation!

[waverly]

sicilygirl, I think you answered it, thank you.

[twinmomma]

sicilygirl, That was a really helpful explanation, thank you!

[Mushe]

Thanks for posting! I always aim for zero at tax time, and adjust my extra withholdings annually, but since I just swapped half my retirement contribution to Roth, I’m already anticipating a bill next year.

I am SO grateful for the expanded and advanced credits for the population I serve through work, though. This could be life changing, and I hope it sticks around.

[laurack]

Jun 23, 2021 17:03:00 GMT -5 sicilygirl said:

To follow up, you won’t be in danger of owing the IRS back any of the advanced payments until your MAGI exceeds $400k, if you’re MFJ, since the advance is capped at $1800/child and your credit won’t be reduced below $2,000 until that income level.

I’m so confused! Since we make more than 150 like others I thought we don’t qualify. But we make less than 400. So we will get 2000 per child? But there’s no way we’ll just owe them 2000 per child in April right?!

I hate tax things.

[campermom]

It’s going to be a mess for me. We filed joint 2020 and my divorce is in 2021, I will file as head of household this year. I unenrolled and asked him to as well but I’m sure he won’t. The bank account that checks went into is now closed. What will happen if he doesn’t unenroll?

I’m the divorce agreement I have sole legal and primary physical custody, I claim all kids every year and I get all tax breaks benefits. Will it mess me up if he hasn’t unenrolled yet?

[redheadbaker]

Jun 28, 2021 6:00:39 GMT -5 campermom said:

It’s going to be a mess for me. We filed joint 2020 and my divorce is in 2021, I will file as head of household this year. I unenrolled and asked him to as well but I’m sure he won’t. The bank account that checks went into is now closed. What will happen if he doesn’t unenroll?

I’m the divorce agreement I have sole legal and primary physical custody, I claim all kids every year and I get all tax breaks benefits. Will it mess me up if he hasn’t unenrolled yet?

Yesterday was the last day to opt out before the July payments are issued. You can still opt out of further payments. For July, I believe you'll receive half of what they would have sent if neither of you had opted out.