@xmasbaby0 I read it but it don't really make sense to me. Let me expound on my situation. I am 100% P&T disabled vet. Receive SSDI for myself also my 9 year old daughter gets a check each month as well. Also needed to know info, is that we are the permanent guardians for a 8 & 6 year old. January 2022 will make 3 years. For the past 6 years my wife and I had a home based business but we shut it down last year due to the pandemic. We showed a loss each year or a very minimal income in the 4th and 5th year. My wife has also been employed up until last year when she was let go due to the uncertainty of if the kids were going to be able to attend school in person.
Generally she has about 20k in w2 income. In 2020 it was around $3,800 (she will probably have about $3,000 in W2 wages this year). We have the ssdi we have to report and then self employed we would report but this year we won't have that. Generally I have around $11-15k in gambling winnings and always have losses to match it. If I remember correctly I have never itemized thru turbo tax before. But this year will be a big difference in gambling winnings. It wouldn't be far fetched to end the year with around $350-400k in gambling winnings. Currently, I don't have a good grasp on what my loses are due to, most casinos don't provide that info until the end of the year. But before this year, I generally would have about $8k extra in losses over what I won. So If I won $12k, losses would be about $20k. I got super lucky and I hit a 6 figure jackpot early this year and I have no clue where that puts me as opposed to my losses.
So the question still stands, should I opt out of the monthly payment for child tax credit. The past two years our tax returns have given us a big chunk of change after filling. I just don't won't to end up owing at the next filing deadline. Thanks in advance.
Jack
