I just got a $695 advance child tax credit payment. Is this dependent on income?

Jul 22, 2021
10:21:51am

Iman23 All-American

I have not filed 2020 taxes yet, so if they are using that as the baseline, they don't have my actual info yet.

I have a feeling I will have to pay this back. How do I return the check?

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Iman23

Bio page: Iman23
Joined: Jan 18, 2008
Last login: May 10, 2024
Total posts: 42,660 (2,733 FO)

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Messages

Author

Time

I just got a $695 advance child tax credit payment. Is this dependent on income?

Iman23

7/22/21 10:21am

Can’t rally send it back. You need to opt out of payments though.

ThreatLevelMidnight

7/22/21 10:23am

My recommendation is to put it into a separate account labeled "future taxes" and earn $1.25 interest. Before you pay it

BYUALWAYSNUM1

7/22/21 10:24am

RE: I just got a $695 advance child tax credit payment. Is this dependent on

mycketchicken

7/22/21 10:27am

Yes, there are phaseouts on income. If you think you won't qualify based on

rggee

7/22/21 10:30am

I filed my taxes this year, and I didn’t bother opting out

JOPE

7/22/21 10:33am

Your income isn't likely high enough to phase out of the normal 2k per kid (it's

rggee

7/22/21 10:35am

Yes, I did the math in my head and it looks like they’re just a giving me my

JOPE

7/22/21 10:36am

Same boat. Don't think I qualify but got my $700 check mailed this week.

camp_chef

7/22/21 10:36am

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