Is this the child tax credit?

[leahgoogle]

Thanks. I don't think this is a mistake, actually. We have one child under 18 and we are entitled to a tax credit of $2000, regardless of income. We are just getting it monthly now instead of during our filing in April. I'll take it now rather than let the government hold onto it.

Edit: I didn't realize everyone getting the child tax credit was going to get it monthly, I thought those receiving the extra child tax $$ was.

You will actually get half this year as monthly payments and half as a tax credit when you file your 2021 tax return.

 

[fitgirl36]

I think you had to submit the opt-out request at least 3 days prior to the first of the month, or something like that. I remember because I did mine on June 28th and noted I would still receive the 7/15 payment. Your opt-out should probably take effect for the August payment through year-end.

ahh makes sense. Thanks so much for the help!

 

[DisneyJamieCA]

Not happy. We pay quarterly taxes because we owe so much in addition to our payroll deductions. So, essentially, we are getting the child tax credit monthly while paying the IRS quarterly and now we won't have the child write off when we do out 2021 taxes so we will have to pay it back in April.

And yes, it just showed up in my back account. I am assuming that this is the regular deduction, not the one based on income.

Opt out then.

 

[AndreaDM]

I got a deposit, our youngest turned 18 in January?

My youngest also turned 18 in January and everything I read stated nothing for them. I just double checked to see if a deposit was made, nope. Did you file your 2020 taxes on time? Is it possible they used your 2019 return?

 

[floridafam]

We got a deposit for our one child under 17 but did not get the one time $500 for our 18-24 year old college student.

 

[CdnCarrie]

Surprised to learn the USA never had a child tax benefit before now. Canada has had one in some format since I think the 1930s.

 

[DisneyJamieCA]

Surprised to learn the USA never had a child tax benefit before now. Canada has had one in some format since I think the 1930s.

There has been a child tax credit here since 1998, I believe. It’s just more this year and being done differently.

 

[Chernabog#1fan]

I got a deposit, our youngest turned 18 in January?

I got one also and my youngest turned 18 in March….