yes and actually the child tax credit should have nothing to do with anything....I mean they added that as part of a pandemic plan....But That shouldn't even be part of taxes if this was suppose to be part of stimulus....Basically we just got paid with our own money from income taxes..... When you make 4000 a month and they remove FICA, Medicaid SS, State, Federal, etc.....we are just getting that part back so they really aren't giving us anything extra... We worked for the CTC and EITC
But HELPED so many, COVID still affecting this household. It quite as smooth, but tax software make easier. Unemployment IS taxable for a other wrench to some.
Best time to invest? thats funny though because in the last four months I have lost more than $47,900 in stock market which is the biggest I have loss since I ventured into stock investment.
you could be right or wrong depends on your expertise, I once made such loss when i invested thinking i have gathered enough trading skills from youtube videos
Really? people are cashing in from the stock market and frankly speaking its comforting seeing someone admit to the fact that they actually seek help from professionals. have you made any profit working with this pro and please how can i reach Vivian ?
I think something wrong with the tax credit with e-filing. Because lots of people is not receiving the second half of the tax credit. And this is for people with incomes between 40K to 55k. Two kids households.
@@sevenblessed2543 me too. I owe them money the first time ever. and the remaining half portion of the child tax credit was ate up to cover. My guess is my income did double from 25k to 50K. I got a better job. Then I took monthly advance child tax credit for my two kids last year. So when I went to file, whatever remaining child tax credit was gone to cover my new tax bracket. But I could be wrong. But I never had tax turbo do my taxes incorrectly. I guess once somebody hits the tax bracket over 48k annually your hit with a lot of taxes to pay. I'm guessing.
@@msdiamondpiggy no I don't think so.... Because you still qualified for the refund.... I believe my tax prepare (Jackson hewit) may have made a mistake. Did you get the letter in the mail I forget what its called but it tells you the exact amount ctc you revived and how much is owed to you? I didn't know about that and I think that is the problem. Either way I think you should have tours double checked before agreeing
@@lakishadm6587 I'm head of house hold and I claim 5 I never really understand the amount I should put.... I figure 5 because of my kids.... And I had my taxes set up this way for a while and I never owed last year and I actually made more. I feel like the child tax credit messed everything up.
Travis I have a question for you. I am following a Dave Ramsey plan and it is suggested to claim dependents to keep your money in your pocket vs. Giving the government an interest free loan all year and getting a big return. Well our situation is this, we are lower in income for our family size of 6 people, 4 of them are children, my wife, and myself. 1 child is 19 so no more ctc anyways, the other 3 are young children. If I claim my children as dependents thus lowering taxes taken out of my paycheck, do we still recieve the full child tax credit when we file at the end of the year? The reason I am asking is because as of now we file married filing jointly and claim 0 dependents, so they do take the maximum amount out of my check. When we get our tax refund, it always seems to be just the child tax credit amount for each child and no more, it seems as though the maximum amount they take out of every check never seems to add anything extra to our return. So I was thinking of adding dependents so they take less money out of each check, would I still get the child tax credit for each eligible child at the end of the year?
yes, you still get the credit either way. Think of it as settling up your bill when you do your taxes. The total bill is the same, it's just a matter of how much you already paid. I completely agree with the strategy of making sure you don't give the government a free loan. Good work!
@@TravisSickle Thank you for the advice, the quick response, and the video! You do great work and break it down in such a simple way that makes it so much easier to understand. Thank you!
I got my regular tax refund never received any child tax credit at all will I receive it this year in 2022 I didn't get any ctc last year for my daughter
I think something wrong with turbo tax. It was giving me the run around stating I have to wait until March to file because of ATC and form 8801, so I just used H&R block and had know problem
@@TravisSickle plz help me understand.. ok so last year i got back 9,700 with 3 dependents and then they were sending me the 750$ every month for the child tax credit. This year i got back 10,800 with 3 dependents wasnt i supose to get more because of the remaining child tax credits owed? Its so confusing fo me!!
Hi I have quick question I make 240k , I have two kids both under 5years old . What will be my child tax credit for 2022 I’m married filing jointly . Thanks In advance
Hi Travis, how does child tax credit work for divorced parents that alternative who gets to claim the child as dependent every year? how did I file my tax not claiming it result in me paying more tax? Thank you.
Ok so I received the advanced payments in 2021 and I filed and received my taxes for 2021 but I don’t think I received the other half will it come seperate?
Hi, do u have a video on 2022 taxes for filling we just did? I have 3 young kids and made low income but saying roughly $800 for CTC and I don't get why so low? I haven't finalized it bc I'm hoping I'm doing something wrong ... any help would be great !
I received $750 total of The child tax credit advanced payments, when I did my taxes I did not get the remainder of the 2500 is there something else that I need to do?
Unrelated simple Q? Is social security considered 'taxable income? Well below the $400,000 iden threshold, below $50,000 total in this case. Helping a senior. Is their pension taxable income? Anybody?
My husband and I filed joint last year so the advance tax credit was based upon that. But I am filing seperate this year. How do I do that with the letter the irs sent because it has half of the payment on my letter then half on his.
This is so confusing... Our CPA is saying we were supposed to get 7.4k back. But now its down to less than 3k. I'm so... confused. Auuuugh. I'm assuming its because my husband made a little more last year. But we are still under the 60k MFJ.
Did you get it for all of your kids? I was supposed to get it for my 5 kids and they only did 3 so that may be the issue... Call irs u can talk to someone directly if u call at 5:30 6 ish
I have 3 kids and the husband made 58k last year. CPA broke it down as stupid as she could for me. It was the EIC that we made too much for. Like a whole 1800 too much or something like that. 👍 it is what it is. On the plus side.. we are in a middle class bracket now
@@AmandaSchnaare we made 46k per year as a family of five. Now, we are family of six, making $66k per year. Husband full time, me part- time, both college students.
I made almost 50k. A little under. Got the advance credit for both my kids. But when I filed I didn't get the remainder. I'm guessing my income bracket
He said in video $60k threshold. My kids grown so? Maybe someone can help at an H &R block tax preparer place. ACTC is different than ACA health care. But bet you already know this. Should NOT be this complicated. Europe sends you the tax bill you owe, then you pay. Simple. Everyone already gets withholding for taxes from all employers.
@@TravisSickle we made 51k and we didn't get the other half also. What confuses the heck out of me is that from what I understood the ACTC is totally separate from the regular CTC but yet it seems like they combined both and now we got less then we normally do. Even though according to your video we should get the full second half of the child tax credit.
The information I've been getting is that you should file taxes even with zero income. If you want to verify this you can contact the IRS phone line, or contact of tax specialist.
I made less than I did last year I didn't receive the 3rd stimulus but I received 250 for 3 kids and 300 for 2 kids for 6 months.. But for some reason I owe the irs. It doesn't make sense..... Im having the tax place look into it maybe they made a mistake.
IRS reported that the average return is less this year than last year. Was for us. We didn't get our usual 1k CTC. And of the 3k ACTC we got 1.5k of already in payments we aren't getting the other 1.5 owed now we're only getting like 500. So overall our child tax credits are 500$ less than last year now. I guess counting the payments we got 1k more. But it was supposed to be 2k more. Overall. If ATCT replaced CTC entirely. Unless HRBs simple steps messed up..
This Stimulus and CTC has messed everything up.
yes and actually the child tax credit should have nothing to do with anything....I mean they added that as part of a pandemic plan....But That shouldn't even be part of taxes if this was suppose to be part of stimulus....Basically we just got paid with our own money from income taxes..... When you make 4000 a month and they remove FICA, Medicaid SS, State, Federal, etc.....we are just getting that part back so they really aren't giving us anything extra... We worked for the CTC and EITC
But HELPED so many, COVID still affecting this household. It quite as smooth, but tax software make easier. Unemployment IS taxable for a other wrench to some.
There might be an economical turmoil but there is no doubt that this is still the best time to invest.
Best time to invest? thats funny though because in the last four months I have lost more than $47,900 in stock market which is the biggest I have loss since I ventured into stock investment.
you could be right or wrong depends on your expertise, I once made such loss when i invested thinking i have gathered enough trading skills from youtube videos
now its a different ball game for me because I was lucky to have met "VIVIAN KLAINE MORGAN", a financial manager and stock expert
Really? people are cashing in from the stock market and frankly speaking its comforting seeing someone admit to the fact that they actually seek help from professionals. have you made any profit working with this pro and please how can i reach Vivian ?
I have made more than $165,000 in 6 weeks under her supervisions and you can search her name on the internet to reach her
Thank you for taking the time out to explain step by step especially with the math.
So correct, without the math examples doesn't quite sink in for me, at least. We don't do this but once a year or if mentoring a friend/relative.
I think something wrong with the tax credit with e-filing. Because lots of people is not receiving the second half of the tax credit. And this is for people with incomes between 40K to 55k. Two kids households.
That is happening to me with 5 kids I actually owe them money now.
@@sevenblessed2543 me too. I owe them money the first time ever. and the remaining half portion of the child tax credit was ate up to cover. My guess is my income did double from 25k to 50K. I got a better job. Then I took monthly advance child tax credit for my two kids last year. So when I went to file, whatever remaining child tax credit was gone to cover my new tax bracket. But I could be wrong. But I never had tax turbo do my taxes incorrectly. I guess once somebody hits the tax bracket over 48k annually your hit with a lot of taxes to pay. I'm guessing.
@@msdiamondpiggy no I don't think so.... Because you still qualified for the refund.... I believe my tax prepare (Jackson hewit) may have made a mistake. Did you get the letter in the mail I forget what its called but it tells you the exact amount ctc you revived and how much is owed to you? I didn't know about that and I think that is the problem. Either way I think you should have tours double checked before agreeing
@@sevenblessed2543 probably didn't have enough taxes taken out of your income for state/federal
@@lakishadm6587 I'm head of house hold and I claim 5 I never really understand the amount I should put.... I figure 5 because of my kids.... And I had my taxes set up this way for a while and I never owed last year and I actually made more. I feel like the child tax credit messed everything up.
Travis I have a question for you. I am following a Dave Ramsey plan and it is suggested to claim dependents to keep your money in your pocket vs. Giving the government an interest free loan all year and getting a big return. Well our situation is this, we are lower in income for our family size of 6 people, 4 of them are children, my wife, and myself. 1 child is 19 so no more ctc anyways, the other 3 are young children. If I claim my children as dependents thus lowering taxes taken out of my paycheck, do we still recieve the full child tax credit when we file at the end of the year? The reason I am asking is because as of now we file married filing jointly and claim 0 dependents, so they do take the maximum amount out of my check. When we get our tax refund, it always seems to be just the child tax credit amount for each child and no more, it seems as though the maximum amount they take out of every check never seems to add anything extra to our return. So I was thinking of adding dependents so they take less money out of each check, would I still get the child tax credit for each eligible child at the end of the year?
yes, you still get the credit either way. Think of it as settling up your bill when you do your taxes. The total bill is the same, it's just a matter of how much you already paid. I completely agree with the strategy of making sure you don't give the government a free loan. Good work!
@@TravisSickle Thank you for the advice, the quick response, and the video! You do great work and break it down in such a simple way that makes it so much easier to understand. Thank you!
I got my regular tax refund never received any child tax credit at all will I receive it this year in 2022 I didn't get any ctc last year for my daughter
I did my taxes on turbo tax and with the atc I now owe.
I think something wrong with turbo tax. It was giving me the run around stating I have to wait until March to file because of ATC and form 8801, so I just used H&R block and had know problem
I think there’s something wrong with Turbo too. Use H&R Block.
I did my taxes on turbo tax and am wondering if the refund it says I’m getting is including the ACTC?? Or do they send that separately?
calculated together.
@@TravisSickle plz help me understand.. ok so last year i got back 9,700 with 3 dependents and then they were sending me the 750$ every month for the child tax credit. This year i got back 10,800 with 3 dependents wasnt i supose to get more because of the remaining child tax credits owed? Its so confusing fo me!!
How can getting child taxes credit file low income base on personal through All accounts
So when we get a child tax credit this year and what what month
Hi I have quick question
I make 240k , I have two kids both under 5years old .
What will be my child tax credit for 2022
I’m married filing jointly .
Thanks In advance
Hi I was wondering if you did a video on filling a self employed with the 7202 form for 2022
no, I haven't
My son got the full credit cuz he makes only 24k last year what they withheld was like 1700 out and the rest was the credit cuz he recieved $5591
thanks for sharing!
Hi Travis, how does child tax credit work for divorced parents that alternative who gets to claim the child as dependent every year? how did I file my tax not claiming it result in me paying more tax? Thank you.
I'm confused on your question. Did you mean that you did not claim it and paid more in taxes?
I filed married joint, with a child and only make 32k a year. I got 500 for my son, which felt low.
Is adding funds to an 529 education account also helps earning more money in tax return and works the same way as an IRA account?
It’s after tax, more like a Roth IRA.
Ok so I received the advanced payments in 2021 and I filed and received my taxes for 2021 but I don’t think I received the other half will it come seperate?
Hi, do u have a video on 2022 taxes for filling we just did? I have 3 young kids and made low income but saying roughly $800 for CTC and I don't get why so low? I haven't finalized it bc I'm hoping I'm doing something wrong ... any help would be great !
yes, checkout the channel. I posted a new CTC the other day.
you can also try our discord channel. Link is in the description. there could be a number of things going on with your taxes.
@@TravisSickle ok thanks, I've never been on discord but can check it out
I received $750 total of The child tax credit advanced payments, when I did my taxes I did not get the remainder of the 2500 is there something else that I need to do?
Same
Unrelated simple Q? Is social security considered 'taxable income? Well below the $400,000 iden threshold, below $50,000 total in this case. Helping a senior. Is their pension taxable income? Anybody?
Depends on income.
My husband and I filed joint last year so the advance tax credit was based upon that. But I am filing seperate this year. How do I do that with the letter the irs sent because it has half of the payment on my letter then half on his.
Do you live together or apart?
@@TravisSickle hes been in rehab in another state since july
@@TravisSickle or should I file joint but injured spouse
I got my refund but no child tax credit at all nothing last year will I get it this year
You would have to make sure you entered it onto your taxes if you qualified. Sounds like you already may have received it via your taxes.
This is so confusing... Our CPA is saying we were supposed to get 7.4k back. But now its down to less than 3k. I'm so... confused. Auuuugh. I'm assuming its because my husband made a little more last year. But we are still under the 60k MFJ.
Did you get it for all of your kids? I was supposed to get it for my 5 kids and they only did 3 so that may be the issue... Call irs u can talk to someone directly if u call at 5:30 6 ish
No way you can have 5 kids and make less than 60k a year tho so her situation must be different . She said they make 60k or less.
I have 3 kids and the husband made 58k last year. CPA broke it down as stupid as she could for me. It was the EIC that we made too much for. Like a whole 1800 too much or something like that. 👍 it is what it is. On the plus side.. we are in a middle class bracket now
@@AmandaSchnaare we made 46k per year as a family of five. Now, we are family of six, making $66k per year. Husband full time, me part- time, both college students.
@@AmandaSchnaare me and my husband also now I see we not the only ones
Can you please do one on w4 married with one child only for the new irs tax Estimator for 2022 forms
Ok
If I owe taxes will the ctc automatically get taken from what I owe?
Yes and no. Technically no, but yes you’ll get the difference.
@@TravisSickle I received 3300 in ctc ,didnt really work last year my question is will ctc be deducted from my refund
Can you do one for the new 2022 w4 on irs site on the tax withholding estimator for married with one child!
Ok
Please! I don't understand it AT ALL.
I made almost 50k. A little under. Got the advance credit for both my kids. But when I filed I didn't get the remainder. I'm guessing my income bracket
Same here
He said in video $60k threshold. My kids grown so? Maybe someone can help at an H &R block tax preparer place. ACTC is different than ACA health care. But bet you already know this. Should NOT be this complicated. Europe sends you the tax bill you owe, then you pay. Simple. Everyone already gets withholding for taxes from all employers.
Mfj together we make 81k,filed our taxes we didn’t get the other half of our ctc.
Why not?
@@TravisSickle we made 51k and we didn't get the other half also. What confuses the heck out of me is that from what I understood the ACTC is totally separate from the regular CTC but yet it seems like they combined both and now we got less then we normally do. Even though according to your video we should get the full second half of the child tax credit.
My thing is telling mine was delayed within the time frame allowed explain please
With COVID many made ZERO income for the first time, do they need to even file a return? Anybody know?
Yes
The information I've been getting is that you should file taxes even with zero income. If you want to verify this you can contact the IRS phone line, or contact of tax specialist.
Many, not me, probably not filing. If you have kids don't they qualify for tax credits this year for a refund?
Do you have a video on how investments in stock market and cryptocurrency stock affect taxes?
Yes, capital gains videos on channel.
@@TravisSickle thank you I will look that up
@Damon Wright yes I understand you can search for a video but the search on the app doesn't always search the person's channel for some reason.
I never got my tax credit
I made less than I did last year I didn't receive the 3rd stimulus but I received 250 for 3 kids and 300 for 2 kids for 6 months.. But for some reason I owe the irs. It doesn't make sense..... Im having the tax place look into it maybe they made a mistake.
hope you get it sorted out.
OMG, I am more confused now, after watching the video.
What part is confusing?
IRS reported that the average return is less this year than last year. Was for us. We didn't get our usual 1k CTC. And of the 3k ACTC we got 1.5k of already in payments we aren't getting the other 1.5 owed now we're only getting like 500. So overall our child tax credits are 500$ less than last year now. I guess counting the payments we got 1k more. But it was supposed to be 2k more. Overall. If ATCT replaced CTC entirely. Unless HRBs simple steps messed up..
Basically be poor and not working , cause this system support laziness !!!
Any only body applying for f I'll file under child received didn't be not benefit December the January this year of Big amount of owe me...