taxcpa wrote: ……. will they be able to adapt their systems to figure it out quickly enough for this (and hundreds of thousands more) particular circumstance? ……………… No 19, look at 18 see the child credits and send $1,000?
Even if they figure it out, can they do anything about it? The bold emphasis is mine.
6428(f) ADVANCE REFUNDS AND CREDITS.—
(1) IN GENERAL.—Subject to paragraph (5), each individual who was an eligible individual for such individual’s first taxable year beginning in 2019 shall be treated as having made a payment against the tax imposed by chapter 1 for such taxable year in an amount equal to the advance refund amount for such taxable year.
(2) ADVANCE REFUND AMOUNT.—For purposes of paragraph (1), the advance refund amount is the amount that would have been allowed as a credit under this section for such taxable year if this section (other than subsection (e) and this subsection) had applied to such taxable year.Paragraph (5) replaces “2019” in paragraph (1) with “2018”.
So the way I read this, the children were under age 17 in the tax year for which this advance refund is calculated.
It will be interesting how IRS will apply the following to any of these “loopholes” that everyone is coming up with:
6428(h) REGULATIONS.—The Secretary shall prescribe such regulations or other guidance as may be necessary to carry out the purposes of this section, including any such measures as are deemed appropriate to avoid allowing multiple credits or rebates to a taxpayer.