Child tax credit

[katie829]

Lurker here.

Last month I received a payment for $550. It was based off my 2 children’s age and our income. We then opted out. Today I saw a deposit of $275 with the description of child tax credit. I checked the IRS website and it says unenrollment processing as of July 12. It also has a note at the top that says if I filed prior to August 2nd and it still says processing it’s the system needing an update and not to resubmit an unenrollment.

Before I call the irs, I wanted to see if anyone had any ideas of what this could be

[ohgillian]

Oooh, I know this one. I bet you file MFJ (married filing jointly). You each have to log into the IRS site, and each opt out. Otherwise one will be opted out and one will still receive their half. Ask me how I know this (sigh).  katie829

[katie829]

Aug 13, 2021 15:01:44 GMT -5 ohgillian said:

Oooh, I know this one. I bet you file MFJ (married filing jointly). You each have to log into the IRS site, and each opt out. Otherwise one will be opted out and one will still receive their half. Ask me how I know this (sigh).  katie829

Wow thanks!!

[chpmnk1015]

I was going to come post on here too.. WE got the first one.. 500.. we BOTH opted out before the deadline.. and now there is a pending payment of $1300!!! Ughh...

And will i need to opt out agian?

[ohgillian]

Aug 13, 2021 15:58:54 GMT -5 chpmnk1015 said:

I was going to come post on here too.. WE got the first one.. 500.. we BOTH opted out before the deadline.. and now there is a pending payment of $1300!!! Ughh...

And will i need to opt out agian?

Okay this one I definitely don’t know. Lol. Sorry!

[smock]

Aug 13, 2021 15:58:54 GMT -5 chpmnk1015 said:

I was going to come post on here too.. WE got the first one.. 500.. we BOTH opted out before the deadline.. and now there is a pending payment of $1300!!! Ughh...

And will i need to opt out agian?

Is it possible that's an IRS refund? We just got a random bank deposit from the IRS because they recalculated our 2020 taxes after changing the tax rules on unemployment payments. I'm asking because the child tax credit wouldn't be $1300 for a month unless you had like 8 kids.

[chpmnk1015]

Aug 13, 2021 16:49:37 GMT -5 smock said:

Aug 13, 2021 15:58:54 GMT -5 chpmnk1015 said:

I was going to come post on here too.. WE got the first one.. 500.. we BOTH opted out before the deadline.. and now there is a pending payment of $1300!!! Ughh...

And will i need to opt out agian?

Is it possible that's an IRS refund? We just got a random bank deposit from the IRS because they recalculated our 2020 taxes after changing the tax rules on unemployment payments. I'm asking because the child tax credit wouldn't be $1300 for a month unless you had like 8 kids.

Yea...it's so weird..but I googled and thr code is for the child tax.. we have 2 kids. Ugh

[pierogigirl]

We qualify for the credit, but have not received it. We should get it when we file next year, right?

[Roc A Bee]

Aug 13, 2021 19:58:20 GMT -5 pierogigirl said:

We qualify for the credit, but have not received it. We should get it when we file next year, right?

From what I read, yes. My bf also qualifies and never received any payment.

[krystee]

We also qualify for a reduced amount and have received nothing.

[ohgillian]

Aug 13, 2021 19:58:20 GMT -5 pierogigirl said:

We qualify for the credit, but have not received it. We should get it when we file next year, right?

Yes. It is a standard tax credit, they’re just sending out an advance to people. But you can also create an account on the IRS portal, and you should be possibly able to see what’s going on and why you’re not getting it. Maybe they have an outdated mailing address, which you can update in the portal.

[Cappy]

pierogigirl, We are in the same boat and the portal just says pending/we won't get it. We fully qualify but filed amended over $30 in capital gains. By chance did you amend your 2020 return?

[pierogigirl]

Aug 14, 2021 10:01:06 GMT -5 Cappy said:

pierogigirl , We are in the same boat and the portal just says pending/we won't get it. We fully qualify but filed amended over $30 in capital gains. By chance did you amend your 2020 return?

Yes. We filed an amended return. Thank you, I'm sure that explains it. I'm OK not getting it now, I just want to get it when we file. 

[krystee]

Aha, we filed an amendment too. Glad to finally have a reason!

[quesyrah]

We also filed an amended return and had been waiting on our stimulus and child tax credit.

We got our stimulus payment last week and started getting the child tax credit payment this week.

Our amended return was accepted Feb 16th so they’re just taking a long time to process.

[Cappy]

Aug 14, 2021 14:35:14 GMT -5 quesyrah said:

We also filed an amended return and had been waiting on our stimulus and child tax credit.

We got our stimulus payment last week and started getting the child tax credit payment this week.

Our amended return was accepted Feb 16th so they’re just taking a long time to process.

This gives me a sliver of hope

[quesyrah]

Aug 15, 2021 8:18:53 GMT -5 Cappy said:

Aug 14, 2021 14:35:14 GMT -5 quesyrah said:

We also filed an amended return and had been waiting on our stimulus and child tax credit.

We got our stimulus payment last week and started getting the child tax credit payment this week.

Our amended return was accepted Feb 16th so they’re just taking a long time to process.

This gives me a sliver of hope

I hope yours gets processed soon!

DH was furloughed for a year and we were really hurting and could have used that money a lot sooner so I know how it feels to be waiting so long for it.

[niq]

Aug 13, 2021 19:58:20 GMT -5 pierogigirl said:

We qualify for the credit, but have not received it. We should get it when we file next year, right?

Yes, the monthly checks are technically an "advance" of about half what the IRS thinks your CTC will be for this tax year. So when you file you'll just get a bigger refund (or owe less tax) than folks who got the monthly checks.

It's all a bit messy, but it was the quickest way to get money out the door to as many people as possible under the political constraints (can't let Ivanka Trump get $500/month for Barron or Chelsea Clinton for her kids, not that it would change their life in any way)

[gt7301b]

I opted out and we still got a second deposit. I went back to the IRS website and it says our request is still pending.