Child Tax Credit Update: Bill Passes House!

[@oniankoku]

Doesn't help parents on ssdi due to the work requirement. 😢

[@MichelValbrun]

Thank you for bringing this issue to my attention. It's important to shed light on the challenges faced by parents on SSDI due to the work requirement. Let's work together to raise awareness and advocate for change.

[@marcuswallis6192]

When is the senate going to pass it

[@MichelValbrun]

I wish I had an answer for you, but the Senate can be a bit unpredictable. Hopefully sooner than later

[@oniankoku]

Wait, you said to qualify you have to make at least 2500 a year OR have 3 dependent children? So a parent that is on SSDI and has no taxable income with 3 qualifying children will get the benefit?

[@MichelValbrun]

Thank you for pointing that out! Be sure to follow up with your tax professional to see what you qualify for

[@mikeeugenew]

When is the Senate going to take this up? Tax season has already started while Congress drags their feet. It's an election year and most voters will not remember this when it's time to hit the polls... Sad truth. We the people truly have the power to inact real change. But we allow divisive politics to keep us divided!

[@1230sandrag]

Agreed! Considering they are bringing a $118 BILLION dollar bill to send money to ($60 billion) Ukraine and $14 billion to secure our boarder “supposedly”, and the rest goes to Israel. “The $118 billion national security package is a top priority for President Biden”. 🙄 Go figure! Americans last. And to answer your question on when they will vote on the child tax bill. Yea, it’s not on the schedule for the next couple weeks. They’re very busy. 🤦🏽‍♀️

[@MichelValbrun]

Hopefully soon. A lot of people are waiting on this to be finalized

[@jaysika4417]

They said something about retroactive for previous tax season, what does that mean for people that have children

[@MichelValbrun]

Thank you for bringing this up! Retroactive means that any changes in tax laws for parents will be applied to the previous tax year. So, if there are any new benefits or credits, it could mean some extra savings for families with children. It's always good to stay informed about these updates!

[@flickeringthought6349]

So no help for those who on disability with young kids :(

[@MichelValbrun]

The Interactive Tax Assistant (ITA) is a tool that provides answers to several tax law questions specific to your individual circumstances. Based on your input, it can determine if you have to file a tax return, your filing status, if you can claim a dependent, if the type of income you have is taxable, if you're eligible to claim a credit, or if you can deduct expenses.

[@mikeeugenew]

Americans as a whole need to be more vocal about what matters. People are saying that they don't want this bill to become "wellfare!" Signaling Reagan era politics that were inherently racist in nature. The whole time. Americans of all ethnic groups; white/back alike, are faced with a skyrocketing cost of living. Less job security and uncertainty in retirement years. Call your legislators! Let them hear your concerns!

[@oniankoku]

Nope 😢

[@nicolebarnett2902]

How much do u new to make to get the childcare tax credit

[@MichelValbrun]

Be sure to watch this breakdown for all the details: kzbin.info/www/bejne/aHS2dJyujN-DiNE

[@JCtheComicGeek]

Im confused we are a family of 6 made $42k we are getting the EIC we have 4 kids under 7 getting $11k so if this passes how much extra would we get per child?

[@MichelValbrun]

The Interactive Tax Assistant (ITA) is a tool that provides answers to several tax law questions specific to your individual circumstances. Based on your input, it can determine if you have to file a tax return, your filing status, if you can claim a dependent, if the type of income you have is taxable, if you're eligible to claim a credit, or if you can deduct expenses.

[@JCtheComicGeek]

@@MichelValbrun does the 15%x $42,000 (our income)× 4 (number of kids we have) equate to extra on our taxes? (Atm we are getting $11k back) before the child tax credit extension passes (or not)

[@christopherwatford8990]

Already getting my refund

[@MichelValbrun]

Congrats!

[@miaserrano6408]

When president gonna sign it?

[@mikeeugenew]

It has to pass the senate first

[@SANDIEGOGIRL]

I hope soon

[@magaly3424]

When he wakes up

[@MichelValbrun]

Thank you for your question! We're waiting for the president to sign it, and we'll let you know as soon as it happens.

[@AliHuff]

so I made 45000 between me and my husband we filed seperate we filed seperate 3 kids can you tell me what credit would be? for 3?

[@AliHuff]

My return was 28,000 and I claimed them

[@MichelValbrun]

The Interactive Tax Assistant (ITA) is a tool that provides answers to several tax law questions specific to your individual circumstances. Based on your input, it can determine if you have to file a tax return, your filing status, if you can claim a dependent, if the type of income you have is taxable, if you're eligible to claim a credit, or if you can deduct expenses.

[@superglen99]

Its really not much of a help tbh. They need to do better.

[@FirstPlayerShooter]

Be grateful smh

[@MichelValbrun]

Thank you for taking the time to watch and leave your feedback

[@TheFlyGuyDon]

Sounds like YOU need to do better lol

[@superglen99]

@@TheFlyGuyDon I'm doing fine 😎

[@victoriaallen604]

They need to pick up speed

[@MichelValbrun]

Hopefully they will. I know a lot of people would like this finalized

[@flightrisk4771]

Is it 3600 per dependent

[@katrinacrisp6520]

?

[@tiffanydtaylor1571]

Nope 1800.00

[@MichelValbrun]

The Interactive Tax Assistant (ITA) is a tool that provides answers to several tax law questions specific to your individual circumstances. Based on your input, it can determine if you have to file a tax return, your filing status, if you can claim a dependent, if the type of income you have is taxable, if you're eligible to claim a credit, or if you can deduct expenses.

[@1230sandrag]

Can some one tell me if my math is correct? 15% x $13,500 (my total income) x 3 (how many kids I have) = $6075 (refund amount) This seems off. And before you ask how I live off 13,500 with 3 kids, I am not the bread winner in my relationship. I am a stay at home mom that has a small Etsy shop.

[@superglen99]

That number is the cap on how much you can be refunded not your refund.

[@MichelValbrun]

The Interactive Tax Assistant (ITA) is a tool that provides answers to several tax law questions specific to your individual circumstances. Based on your input, it can determine if you have to file a tax return, your filing status, if you can claim a dependent, if the type of income you have is taxable, if you're eligible to claim a credit, or if you can deduct expenses.

[@SANDIEGOGIRL]

Ok so if u got cancer and dont work and have kids wtheck about that

[@ispianist]

Unfortunately you have to earn 2500 dls minimum from previous year and yes it sucks. I think that's new.

[@MichelValbrun]

Thank you for sharing your story. It's important to raise awareness about the struggles faced by individuals dealing with cancer while also taking care of their children.