Do I opt out of child tax if I am not working?

I’m not sure best way I know to find out is google it

If you will not be filing next year due to not working you better try to opt out
From what I read is it’s based on 2020 but, you must claim the same kids in taxes 2021 or you will owe for kids not claimed on taxes bc you didn’t work. There were several articles about this the last few days online. Better safe tu hen sorry. Cause you know the government will collect overpayment one way or the other

Did you apply for PUA at least?

No not if u are not working

I’ve been involved in tax and accounting for 20 years and my advice is to stop looking into random forums for something as important as your taxes and call a professional who can can give correct advice based on your personal circumstances.

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The opt out I think was on or before June 28. I opted out, but that is to offset the taxes that I owe at the end of the year to.

I called the IRS and you have to pay it back what it really is is an advance on next years tax credit. Bs if you ask me. But if you want to cancel payments the number is: 1-800-801-0283

No the child tax credit now u available to all. Used to be you had to make so much money to get even a portion of the ctc. But now they have changed it.

Ask the IRS not Facebook

This is an advancement of your taxes u would get when u file next year they just provided an additional amount of tax credit instead of the 2000 Biden made it a higher amount . You need to have some income to file taxes to get this without owing it back to IRS. There is a certain amount of income you must have to obtain the child tax credit . If u don’t make that limit or u make more money then you WILL owe this money back

I’ve been following ClearValue Tax on YouTube and the guy who runs it, Brian, is fantastic at explaining what’s happening with all these changes that have been going on. You may have to go back a couple videos, but he has a synopsis of what he covers in the video title. If you opted out late, the opt out will start the next month.

Take it the government needs to get more people to depend on them

I know the IRS had away for people who did not file taxes get the credit. Not sure how that works. :thinking: check the IRS website and see more details about it.

It’s based on income. Don’t opt out though contact a tax consultant for clearer direction.

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