Malfatron Posted July 9, 2021 Share Posted July 9, 2021 still havent gotten my refund back i expect interest 1 Quote Link to comment Share on other sites More sharing options...
billking Posted July 10, 2021 Share Posted July 10, 2021 18 hours ago, theJ said: To continue with the slow burn of this thread... This is really risky. There may be some examples where people get away with it for their entire lifetime, but the overwhelming majority of people that don't pay taxes get caught eventually. And then you either pay a crap ton in penalties, or go to jail. Just pay the taxes. Be an honest person. I don't know when this was, but with the world as digital as it is now, i can't imagine anyone getting away with this in today's world. You'd be basically have to live the life of a migrant worker. Well he died in 2019 and probably was employed for the first time in the mid seventies. I didn't however say he never paid taxes he just never filed a return, he most likely probably would have gotten a refund for some of those years but just didn't want to be bothered with filing I guess. Quote Link to comment Share on other sites More sharing options...
ET80 Posted July 14, 2021 Share Posted July 14, 2021 So, semi related - I just got my child tax credit today. It was nearly double what I was expecting to get. I'm not touching that money, this is how you end up with a $67,580 tax bill in 10 years. Quote Link to comment Share on other sites More sharing options...
MWil23 Posted July 14, 2021 Share Posted July 14, 2021 9 minutes ago, ET80 said: So, semi related - I just got my child tax credit today. It was nearly double what I was expecting to get. I'm not touching that money, this is how you end up with a $67,580 tax bill in 10 years. So, you have 2 kids, correct? How many are 6 or older? I’m anticipating $850 each of the next 6 months. Quote Link to comment Share on other sites More sharing options...
theJ Posted July 14, 2021 Share Posted July 14, 2021 20 minutes ago, ET80 said: So, semi related - I just got my child tax credit today. It was nearly double what I was expecting to get. I'm not touching that money, this is how you end up with a $67,580 tax bill in 10 years. idk why you say that. This is the same credit you've been getting, only paid out in advance. 1 Quote Link to comment Share on other sites More sharing options...
ET80 Posted July 14, 2021 Share Posted July 14, 2021 20 minutes ago, theJ said: idk why you say that. This is the same credit you've been getting, only paid out in advance. I'm just worried they miscalculated what I was supposed to get. I'm fine with getting the money, just not fine with the amount they sent me. 31 minutes ago, MWil23 said: So, you have 2 kids, correct? How many are 6 or older? I’m anticipating $850 each of the next 6 months. Both are 6 and over - which should lead to a $500 credit per month. I got around $950+. Quote Link to comment Share on other sites More sharing options...
MWil23 Posted July 14, 2021 Share Posted July 14, 2021 4 minutes ago, ET80 said: Both are 6 and over - which should lead to a $500 credit per month. I got around $950+. Do you claim all of them on your W4? Weird that it’s doubled. Quote Link to comment Share on other sites More sharing options...
ET80 Posted July 14, 2021 Share Posted July 14, 2021 Just now, MWil23 said: Do you claim all of them on your W4? Weird that it’s doubled. Yeah, both claimed. Interesting that nobody else has this going on right now. I'll have to keep my eyes peeled on the Twitterverse to see if anyone else has a similar situation. In truthfulness, the biggest downside I'd face is I'd have to pay the overages back when I file next year, apparently: https://www.cnbc.com/2021/06/30/why-some-families-may-have-to-repay-2021-child-tax-credit-payments.html Some families may have to pay the money back to the IRS if they receive more than they're owed. Quote Link to comment Share on other sites More sharing options...
MWil23 Posted July 14, 2021 Share Posted July 14, 2021 5 minutes ago, ET80 said: Yeah, both claimed. Interesting that nobody else has this going on right now. I'll have to keep my eyes peeled on the Twitterverse to see if anyone else has a similar situation. In truthfulness, the biggest downside I'd face is I'd have to pay the overages back when I file next year, apparently: https://www.cnbc.com/2021/06/30/why-some-families-may-have-to-repay-2021-child-tax-credit-payments.html Some families may have to pay the money back to the IRS if they receive more than they're owed. Smart to keep it just in case, but perhaps since you’re already claiming them on your W4, the entirety is being paid up front as opposed to those who don’t claim who will get the back end of it come tax season…? Quote Link to comment Share on other sites More sharing options...
theJ Posted July 14, 2021 Share Posted July 14, 2021 18 minutes ago, ET80 said: I'm just worried they miscalculated what I was supposed to get. I'm fine with getting the money, just not fine with the amount they sent me. 50 minutes ago, MWil23 said: It should be obvious to you right away if they miscalculated or not. The math is pretty easy. Quote Link to comment Share on other sites More sharing options...
ET80 Posted July 14, 2021 Share Posted July 14, 2021 2 minutes ago, theJ said: It should be obvious to you right away if they miscalculated or not. The math is pretty easy. I should flatly state that they miscalculated then. Which I sort of did when I responded to Mwil... Quote Link to comment Share on other sites More sharing options...
theJ Posted July 14, 2021 Share Posted July 14, 2021 2 minutes ago, ET80 said: I should flatly state that they miscalculated then. Which I sort of did when I responded to Mwil... Oh, ohhhh. Ha. See, reading comprehension is low over here. Too many things going on. 1 Quote Link to comment Share on other sites More sharing options...
ET80 Posted July 14, 2021 Share Posted July 14, 2021 Just now, theJ said: Oh, ohhhh. Ha. See, reading comprehension is low over here. Too many things going on. I get it boss, my "stream of consciousness" posting style isn't exactly easy to decipher. I just start rambling like an old senile man because... well, I'm an old and senile man. Timing is great though, I'm going to Mexico on vacation in a week and I can see myself burning that money on Oban and cigars in the IAH Duty Free... 😅 Quote Link to comment Share on other sites More sharing options...
ET80 Posted July 15, 2021 Share Posted July 15, 2021 23 hours ago, ET80 said: So, semi related - I just got my child tax credit today. It was nearly double what I was expecting to get. I'm not touching that money, this is how you end up with a $67,580 tax bill in 10 years. 23 hours ago, ET80 said: I'm just worried they miscalculated what I was supposed to get. I'm fine with getting the money, just not fine with the amount they sent me. Both are 6 and over - which should lead to a $500 credit per month. I got around $950+. OK, so update - I received the $500 child tax credit today, so the $960 I got yesterday isn't related. Something is definitely not right. I'm off to check with the IRS. Quote Link to comment Share on other sites More sharing options...
ET80 Posted July 15, 2021 Share Posted July 15, 2021 14 minutes ago, ET80 said: OK, so update - I received the $500 child tax credit today, so the $960 I got yesterday isn't related. Something is definitely not right. I'm off to check with the IRS. So, this makes sense and puts me at ease: https://www.irs.gov/newsroom/irs-readies-nearly-4-million-refunds-for-unemployment-compensation-overpayments My wife collected unemployment in 2020 - I'm a bit more relieved now, but still off to check. 1 Quote Link to comment Share on other sites More sharing options...
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