Misty
Region: US
Monday 11 April 2022 23:34:17 GMT
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Momofalotkids6 :
The child tax credit was an Advance on the money you would have gotten when you filed your taxes. Yes it is possible to have to pay that all back.
2022-04-11 23:45:13
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GinaMarie :
The child tax credits are not part of your taxable income. The question is only asked on the programs to make sure you received the correct amount and
2022-04-11 23:39:56
17
Melissalouise80 :
I own my own business & we received the CTC, and we had to pay it all back! Totally messed up our taxes this year even though they said it wouldn’t!😭
2022-04-11 23:40:35
12
Misty :
To clarify…the program I use tracks/changes your refund/owe amount as your progress through the system. It changed AFTER I said yes to the tax credits
2022-04-11 23:41:24
10
Christa :
It was basically an advance on the credit you would have gotten for your children at tax time. So now you don’t get the credit.
2022-04-11 23:53:00
9
littlemisssunshine517 :
To the people who think taxes are simple, lol…I see so many errors made by turbo tax users. Consult a tax preparer, you’ll actually save money!
2022-04-11 23:54:07
7
Becuzican :
They gave you your refund upfront and now you have to give it back.
2022-04-12 00:18:09
6
itscrochetoclock :
For the first time in my life I owed federal. All was fine until I checked that little box. 😒😒😒
2022-04-11 23:48:32
4
Jenn Hoskins :
It means you likely ended up making more than the threshold and have to pay it back… happened to me too.
2022-04-11 23:55:44
4
75Kaybee :
Yes. It was never a gift. I’m kind of glad we never got them.
2022-04-11 23:49:02
4
Shaynie Nichole :
you didn't receive all of it so make sure you only put 250x3kidsx6months and it's not taxable
2022-04-12 00:08:08
3
XHalloweenMamaX :
It’s not taxable but it was an advance on a tax credit so when you file if you already got it it was like you got it early if you have to pay it back
2022-04-11 23:52:33
3
Pamela :
It’s correct. They gave an opportunity to deny getting the child tax credit early, but you had to contact them &opt out.
2022-04-11 23:59:16
3
Christina motz :
No it is not taxable income. But you should have received a letter that you need when you file taxes about it. To make sure the correct amount was
2022-04-11 23:38:23
3
animalwomen1 :
get a tax pro to help but in the past the credit was 2k a kid and this year it ranged from 1500-1800 so that could be the issue..it is not taxable
2022-04-11 23:53:25
3
Trash Panda :
It was all bullshit and we ALL paid it back regardless of how you look at it.
2022-04-12 00:31:15
3
HappyHiker :
yup, it's correct and maddening!!
2022-04-12 01:06:47
2
Kim P :
The government gives nothing for free.
2022-04-11 23:59:07
2
Stephanie :
Had to pay ours back too. First time I have ever owed on my taxes.
2022-04-12 00:22:44
2
Holley523 :
Also, we have an accountant she said everyone got really messed up this year!
2022-04-12 05:26:10
2
C :
It’s not taxable income—it was an advanced credit. If you don’t actually qualify for it, you have to pay it back
2022-04-12 04:42:23
2
ash :
some I have seen had to pay it back and some have not
2022-04-12 00:33:08
2
Positivity w/ Whit • SAHM/BO :
now i’m scared to see what ours look like when the tax lady gets done 😳
2022-04-11 23:50:02
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