Richard Rubin
speaker
1,496 appearances
29 recordings
1 series
first heard Oct 2017
last heard Jan 2024
Richard Rubin’s voice in public audio — every appearance, attributed to the second.
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Appearances
So basically, if you had a baby on December 30th, you are probably eligible for $5,000 up to the $3,600 from the child tax credit plus another $1,400 stimulus payment.
How does the tax credit work for divorced parents?
It can be really tricky.
It's common for divorce agreements to share tax custody of a child year by year.
So odd years to one parent, even years to the other.
It's not the way they all work, but that's the way some of them work.
And that can be difficult because the payments in 2021 may have been based on a 2020 return.
So the money may have gone to the even year parent.
But the full amount of the credit is actually owed on the 2021 return to the odd year parent.
The odd year parent can go ahead and claim that.
The difficulty comes for the even year parent who essentially received money that he or she wasn't entitled to ultimately.
If your income is – if you're a low or moderate income household –
you know, 40, 60,000, somewhere in there.
And the IRS has details on its website about this.
You don't have to repay that.
You just, you got the money and for a child who's not ultimately yours and you just get to keep it.
For middle and higher income households, you do have to repay that, essentially give that back as part of your tax return.
And the IRS obviously has records of who it sent money to.
So those can be very tricky situations for former spouses to navigate with each other and for people to navigate with their tax advisors and
It's, you know, they are, again, are going to vary on income, who has custody, which year and where the payments were made, if any, during the course of 2021.
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