Quote:
Originally Posted by Lathum
You can opt out.
Same thing happened to me, I got a letter the other day from the IRS saying we were getting something. I was surprised because at the risk of a humble brag we are considerably over what I would expect the cap to be. Turns out we are JUST under it. They basically scale back the amount based on certain income levels, so we don't get the full amount, but I was surprised it was more than I thought.
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I have a question. Is the amount we are getting now just the increased credit or the entire credit? If the increased credit amount then it shouldn't really impact my taxes when I file next year. If it is an advance of the entire credit, then I need to save it and that will have big impacts on many families.