{ "media_type": "text", "post_content": "Question, please. I started receiving the advance child tax credit last month. I’m eligible since I filed married filing jointly in 2020, but was the only one working. My wife started working again last month and with that, it’ll put us over the $150K threshold. What will be the net impact of this since I’ll have to repay I believe. Not so clear to me based on IRS guidance.", "post_id": "61072e42c5200d002fdedb34", "reply_count": 14, "vote_count": 1, "bowl_id": "564a5cdb94887803001dd07c", "bowl_name": "Accounting" }

Question, please. I started receiving the advance child tax credit last month. I’m eligible since I filed married filing jointly in 2020, but was the only one working. My wife started working again last month and with that, it’ll put us over the $150K threshold. What will be the net impact of this since I’ll have to repay I believe. Not so clear to me based on IRS guidance.

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If you exceed the threshold, which you will, you will have to pay it back (or the amount would reduce any potential refund). If for some reason you fall below the threshold, you’d get it in a lump sum when you file your return. My advice - opt out. This isn’t like the stimulus checks where the Gov’t chose not to claw back any overpayment.

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We both opted out tonight (married filing jointly). We always owe at tax time, and this would have been a nasty surprise, while not helping us at all now. Thanks again to everyone in this thread for the reminder to check this.

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My wife and I filed separately last year, since I make over $150k and she makes less than $75k. I don't think it would be worth it with one kid, but with 2 or more it might be worth thinking about.

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I believe you can go to the IRS website and decline the payments.

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Good to hear it reminded you. I usually get a refund because I was the only one working and have two kids however, might be best to stop payments.

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Hmm. I didn't think we'd qualify, but according to the credit calculator we do. Yet no checks have arrived here. Yikes.

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OP, thank you so much for posting. Discovered that we did receive a July payment, and we do need to opt out. For us, these advance payments will be a nightmare at tax time.

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Maybe consider max out both you and your wife’s 401k and see if still over 150k. Also you can max HSA as well. Consult with your CPA for other way to lower AGI, but I think no need to call IRS now and stop the payment

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Yeah - I'm HoH and didn't realize I qualified for a partial. I don't really want it either. I just throw it in a savings account, perhaps I'll be 3 cents interest on it before paying it back lolol. But I am always of the mindset better in my pocket than there's.

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