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I've been receiving the whatever stipend from the government that is supposedly just an advance on your child tax credit for next year. I've been taking the money every month and setting it aside because I don't need it, didn't want it, and I expect I will be fucked next year on my taxes so I wanted to make sure I have money if it comes to that. How many people are thinking they're getting some free government money and when they file their taxes they're going to get back a lot less than they normally do. I know plenty of people that rely on a few grand tax return every year to make purchases or pay down debt. There's going to be some pissed off people next year because they weren't paying attention and they have the realization they already spent their tax return.

I've been receiving the whatever stipend from the government that is supposedly just an advance on your child tax credit for next year. I've been taking the money every month and setting it aside because I don't need it, didn't want it, and I expect I will be fucked next year on my taxes so I wanted to make sure I have money if it comes to that. How many people are thinking they're getting some free government money and when they file their taxes they're going to get back a lot less than they normally do. I know plenty of people that rely on a few grand tax return every year to make purchases or pay down debt. There's going to be some pissed off people next year because they weren't paying attention and they have the realization they already spent their tax return.

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[–] • 1 pt (edited )

They will still get a sizable tax return. This is only half of an additional credit.

The only way you'd get really screwed is if you accepted the payments and then file 70k+ of earnings. Then you won't qualify for the tax credit and will have to pay it back.

At least that is my understanding.

And a little soap box, if you rely on tax 'refunds' as part of your financial plan. You need a new plan. Your goal should be to have a tax return of zero. Put your money to work when you get it. Don't give the government an interest free loan. Of course for most low income earners this isn't an actual 'refund' it is welfare via the tax code.