Be Prepared for 2023 Child Tax Credit Changes! The Numbers are Shocking. 

I don't think so.

@@tudevoid F bot!

@hugo bossman who is a Bot? You?

Exactly I'm on the same boat trying to figure out what is going on i usually receive more than what I expected

Did you change jobs and/or do a new W-4? Even if you make the same that new W-4 takes into account all the deductions and credits you should get so you won’t be taxed much through the year.

Job Biden!!! We usually get like 3 to 4k for our kids!! This year 16 bucks!!!!!! Smh!!! One word Biden!!!!!!! Get that dude out of office!!!!!

@@ashleyjones5396 I bought a house in September but other than that all my stuff has been the same for the last 5 plus years

@@JohnJohn-co9yz FJB!

I would do so! This affected us this year. Our son turned 17 in Nov and low and behold when I went to do our taxes, he only qualified for a $500 credit. Now we owe Uncle Sam, but luckily it isn’t too bad bc the daycare credit received lowered the cost. I’ve already made changes for this year so we aren’t in this situation next year. I’m not sure my son will quality to receive a part of the credit we receive per child even though we only pay for our youngest 2 and I’m not chancing it since he turns 18 this year although he will still be in high school.

And life was cheaper.

That’s what I thought, well for some people, if you have a business and claim kids you get more child tax credit

Me either

No you would have to work and pay your taxes

So people who get social security benefits don’t have to file a 1099?

same. went from being able to claim two (they are 17 mos. apart) the year before to basically none the next year.

So the govt can tax the kid. 🙄 vacations are actually pretty important for social growth for kids

Yes. Should be put directly into a Roth IRA for the child

I just checked my refund using the IRS website, & they’re saying that I won’t get anything at all until mid-to late February due to the additional child tax credit.

How long did it take you to get your taxes back? Bc mines been about 3 weeks and only received states

Biden gave us less taxes and 87,000 more irs workers! God Bless America ❤

People who argue flat tax don't get earned income credit

Earned income credit is very little tax credit this year!

Thanks Biden 👍🏻 aways an attack on the middle and poor!

@@misha6494 this has nothing to do with Biden. Matter of fact, the Dems wanted to keep the child tax credit higher but the republicans said no. Even if so, basically the rules reverted back to what they were before last year. It’s just I didn’t know my son’s credit would decrease to $500 being he turned 17 last year. That was a mistake on my end for not knowing.

@@ashleyjones5396 that’s a lie Biden did away with Trump tax act. Democrats didn’t need republican votes to go up on the child tax credit. They were the majority for the last two years why didn’t they pass it when they had the chance???. Please explain that?

@@ashleyjones5396 I’m guessing when Biden put 87,000 IRS workers in the green new deal package that was Republicans fault to huh???? Republicans haven’t had the majority to pass a vote till this year! With all that BS. Democrats are making us broke and there’s a clear message behind it!

@@ashleyjones5396 here’s Trumps tax cut policies! Tax Relief for the Middle Class Passed $3.2 trillion in historic tax relief and reformed the tax code. Signed the Tax Cuts and Jobs Act - the largest tax reform package in history. More than 6 million American workers received wage increases, bonuses, and increased benefits thanks to the tax cuts. A typical family of four earning $75,000 received an income tax cut of more than $2,000 - slashing their tax bill in half. Doubled the standard deduction - making the first $24,000 earned by a married couple completely tax-free. Doubled the child tax credit. Virtually eliminated the unfair Estate Tax, or Death Tax. Cut the business tax rate from 35 percent - the highest in the developed world - all the way down to 21 percent. Small businesses can now deduct 20 percent of their business income. Businesses can now deduct 100 percent of the cost of their capital investments in the year the investment is made. Since the passage of tax cuts, the share of total wealth held by the bottom half of households has increased, while the share held by the top 1 percent has decreased. Over 400 companies have announced bonuses, wage increases, new hires, or new investments in the United States. Over $1.5 trillion was repatriated into the United States from overseas. Lower investment cost and higher capital returns led to faster growth in the middle class, real wages, and international competitiveness. Doubled the Child Tax Credit from $1,000 to $2,000 per child and expanded the eligibility for receiving the credit. Nearly 40 million families benefitted from the child tax credit (CTC), receiving an average benefit of $2,200 - totaling credits of approximately $88 billion. Signed the largest-ever increase in Child Care and Development Block Grants - expanding access to quality, affordable child care for more than 800,000 low-income families. Secured an additional $3.5 billion in the Coronavirus Aid, Relief, and Economic Security (CARES) Act to help families and first responders with child care needs. Created the first-ever paid family leave tax credit for employees earning $72,000 or less. Signed into law 12-weeks of paid parental leave for Federal workers. Signed into law a provision that enables new parents to withdraw up to $5,000 from their retirement accounts without penalty when they give birth to or adopt a child.

I am having the same issie

Me too

@@hippiegypsygirl it sucks...

@@dharmadharma3960 hopefully next year is better

Yeah same. My daughter is 5 and I was so confused as to why I was not qualified. I figured it was because I was completely outnonwork all year last year, albeit a few months, as well as not using daycare at all. I never have used daycare

Me too! I thought i did my tax wrong until everyone is complaining about it. I usually get 10k back before mr. biden start, now I'm down to $7,700 this year.

wait why??

Do your federal tax you will get 2k for 1 kid

@@JsaephanhMienMusic im doing mine in turbotax i made 5k and theyre giving me 507 for 3 kids is it because i earned less??

Go get it. Hurry. They must give it but you're running out of time

As far as I know that’s the tax reform made by republicans in charge when trump was in office

Did you ever figure out if someone making less than 15k a year qualifies?

Yes you can qualify even if you earn less than 15k. Go ahead and file. You can use an online software to check what your refund would be

@@pearlperlitavenegas2023 I have a 4 month old and made less than 15k last year and turbo tax told me she doesn't count for the child tax credit

@@FullmetalC5 something is off. If your child does not qualify must be for a different reason. Did someone else claim your child? Maybe his/her other parent if you're not filing together. Unfortunately there's a lot of fraud & someone might have stolen your baby's social security number & filed. Please Please go to a live person tax preparer to resolve this!!!!! Some public libraries offer free tax preparation help if you're low income. YOU ARE MOST DEFINITELY QUALIFIED TO RECEIVE THAT CREDIT you need to know why the software is saying NO

@PearlPerlita Venegas I'm considering going to H&R Block, my other half hasn't claimed her yet I know for sure. I've been searching Google and can't find why she wouldn't qualify.

No

no they did that for an example.

Yes.

yes

Yep when you file in 2024 that is what will happen. It happened to me this year when I filed. My son turned 17 on Nov 2022. We owe but right now the bill is less than $100 😩. I made changes bc next I assume we won’t get a daycare credit with him being 18 even though we usually get one since we pay daycare for our younger 2 kids. That credit helped bring our bill down this year smh

We are under Trumps tax code at the moment. Stay stupid!

@@dr.awkward9075 His party blucked it

Factz this great president took the pandemic aid as far as relief aid for people in crisis due to covid!! Im confused covid is back?? Help your people!!! The tax change rules helped everyone!!! Now working families are gonna suffer!!!

Exactly!!!!! Crazy to thing is most people here is democrats. They’re blind while our country is being destroyed!

🤣

The RNC hates kids

I prepared my taxes and it shows $2 credit for my 16 year old 🤦

@@tekanicoleslife7262 wow that's crazy smh guess kids don't matter to our government this year

Tax credits are income based.

It’s a flaw in this whole tax system and it’s rigged and Biden ole ass is the one to blame

"Elections"