Plans to spend your third socialist check?

[Space Freely]

although, the person with 10kids and less than 150k in income might deserve an award
I do think you are not calculating the child tax credit, which I think is going from 2k to 3K per kid...

I just don't know how people can have more than 2-4 kids
I guess if you lived with aunts, uncles, and grandparents...maybe that's doable

I'm not sure what you mean by child tax credit in reference to plugging you adjusted gross and number of dependents into that calculator.

The most kids of anyone I know from our generation having is four. And they're divorced and he pays for it all (she doesn't work in spite of having an Ivy law degree.)

[ye-ole-hatch ıll|̲̅̅●̲̅̅|̲̅̅=̲̅̅|̲̅̅●̲̅̅|llıl]

I meant that likely that person who makes $160 and has 10 kids will likely get $30k in tax credits, so they won't be getting as screwed as you think
but there have to be lines drawn and we can always find a few people on the wrong side of the line
and they get the sad trombone

[Julian, Forum COGNOSCENTI]

So a couple with 10 kids gets $16,800 if their adjusted gross income is 150K but gets nothing if their adjusted gross income in 160K. That doesn't seem right.

This is the outlier of all outliers.

[hutch]

You can count on Space to find the outlier of all outliers

[Space Freely]

So a couple with 10 kids gets $16,800 if their adjusted gross income is 150K but gets nothing if their adjusted gross income in 160K. That doesn't seem right.

This is the outlier of all outliers.

Ok, well more realistically...a couple with four kids would get a stimulus check of $8400 if they adjusted grossed 150K. They would get $0 if they adjusted grossed 160K.

[Space Freely]

I meant that likely that person who makes $160 and has 10 kids will likely get $30k in tax credits, so they won't be getting as screwed as you think
but there have to be lines drawn and we can always find a few people on the wrong side of the line
and they get the sad trombone

How much tax credit will the couple with ten kids get if they make 150K?

[vansmack]

Does that mean I will have to pay $800 less in taxes,

This is a credit, yes.

or does it mean my taxable income gets adjusted down by $800?

No, this would be a deduction.

That is your free tax lesson for the day.

Dollar for dollar, credits are worth much more than deductions and are generally preferred.  Assuming you have the gross income, a $100 deduction is the equivalent of about $23 in tax savings (avg amount of tax) to where a $100 credit is worth $100 in tax savings.  There are very rare instances when you would prefer a deduction, but one might be where your gross income is $150,600 and an $800 deduction would allow you to qualify for say a stimulus check of $1600, but those are very rare instances.

[ye-ole-hatch ıll|̲̅̅●̲̅̅|̲̅̅=̲̅̅|̲̅̅●̲̅̅|llıl]

House votes to send $1.9 trillion COVID relief package to Biden's desk

Will he sign tonight??

getting stuff done in under 100 days!

Edit...signing Friday...why wait?


Details: The bill approves $1,400 stimulus payments for individuals making up to $75,000 and couples making $150,000. It will also extend weekly $300 unemployment insurance until Sept. 6. Other highlights include:

An increased child tax credit in 2021 of $3,600 for children up to age 5 and up to $3,000 for ages 6–17.
$128.6 billion to help K-12 schools reopen.
$19 billion in emergency rental assistance.
$25 billion to help restaurants.
$46 billion for coronavirus testing and tracing.
$5.2 billion to support the research and development of vaccines.
$7.25 billion for Paycheck Protection Program loans.
What to watch: The White House says Biden will sign the bill on Friday and that stimulus checks will begin going out before the end of the month.

[kosmo vinyl]

I guess it’s trendy to use GQP now.. and one of those clowns is taking credit for a bill he voted against and another is calling it socialist wish list despite the fact his red state gets a ton of federal aid...

[grateful]

Boom! Hit my account about half an hour ago.

[ye-ole-hatch ıll|̲̅̅●̲̅̅|̲̅̅=̲̅̅|̲̅̅●̲̅̅|llıl]

soo...what are you spending it on?

[grateful]

I dunno! Should I buy all of the remaining Dino tickets?

[ye-ole-hatch ıll|̲̅̅●̲̅̅|̲̅̅=̲̅̅|̲̅̅●̲̅̅|llıl]

Seems like a wise choice

[sweetcell]

soo...what are you spending it on?

over-priced box sets, obvs.

[ye-ole-hatch ıll|̲̅̅●̲̅̅|̲̅̅=̲̅̅|̲̅̅●̲̅̅|llıl]

We scheduled your payment to be deposited on March 17, 2021 to the bank account below.

https://www.irs.gov/coronavirus/get-my-payment