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Deductions & credits
Right, this is what I was thinking.
My fear is without proper messaging John Doe will have no idea this is the case. That the amount they can claim on their return is not $2,000 per child anymore and when tax season comes around, those July - December payments are already burned through. Right now, every article I've read has made this out to be a great thing for families (which it is), but I've never seen one mention how this interplays with your tax return. That messaging is hopefully coming, but I think we all know far too well that 90% of the American public will have no clue how this could bite them come tax season and will not prepare for that bite.
March 16, 2021
3:07 PM