Sara EA Posted July 27, 2021 Report Share Posted July 27, 2021 Yesterday I decided to learn more about the new CTC, advance, repayment etc. I ended up more confused than when I began. The advance phases out after AGI of $150k MSJ, $112k HOH, and &75k all others. The phase out is $50 for every $1k over. I didn't do the math to see where it ends. The normal $2k credit begins to phase out at $400k MFS and $200k everyone else. Repayment has a couple of safe harbors but I couldn't figure out how they intertwine--something like no repayment for AGI $120k, $100k, $80k, and full forgiveness up to $2k if IRS claimed the advance on too many kids for AGIs less than $60k, $50k, $40k. I might have the above all mixed up, but notice how every calculation has a different AGI starting/ending point? Who came up with this confusing/complex/no rhyme or reason perplexity??? I think we're all going to have to do something we hate to do--blindly rely on the software. Or maybe we should all demand that any politician who wants our vote have to submit the answer to the CTC for, say, a couple with three kids making $190k, and show proof of work done by hand! 4 Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted July 27, 2021 Report Share Posted July 27, 2021 I always felt that membership on the Ways and Means Committee of the House of Representatives should be conditioned on passing the EA exam. Tom Sparks, NV 7 Quote Link to comment Share on other sites More sharing options...
Lion EA Posted July 29, 2021 Report Share Posted July 29, 2021 Lock the doors when all of Congress is in session, and do not allow anyone to leave until all of them have prepared their own tax returns by hand. And, maybe, wait until the IRS processes them, too! 5 2 Quote Link to comment Share on other sites More sharing options...
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