To answer your question, I would say BOTH are true.
Now, please answer a question for me. What in Sam Hill is “Child Tax Credit”? Is that about declaring a tax deduction because you may have dependents? I thought that was a matter of qualifying for the exemption.
It’s where you get your free tickets to DisneyWorld. Four little kids, $1200 every 30 days.
You must not have dependent children.
You can claim a credit of $2,000 per child on your return. The Biden administration is doling out advances on that credit starting in mid-July as a Covid relief measure. The payments will total half of the credit, meaning that if you take the advances you can only claim half the credit on your 2021 return. You have to go to the IRS website if you want to opt out and claim the full credit next year. I did that and the onboarding process with this so-called ID protection partner is a doozy.
I did not expect them to ask me to surrender so much data. I e-file every year, so I have to give another partner of theirs some data in order to process my return. Mobile number, driver’s license number. It’s not like they can’t get that info if they really want it. But this process takes it to a whole new level.
The IRS will probably require this anal exam to e-file next year. Looks like I’m going back to paper returns.