alarm clock signifying it's time to opt out of desired from the advance child tax credit

First Opt-Out Deadline Approaching

The advance child tax credit payments have a deadline of June 28th to opt out of all the payments if taxpayers desire. In most cases the advance payments are helpful, but in some they could actually end up causing financial hardship, so I’ve been actively letting people know about it.

If you claimed children on your 2020 tax return and if you want to opt out of the advance child tax credit payments you can do that now at: https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021

NOTE:

  • If you want to opt out of all the payments, you have to do it by June 28th.
  • Past that, you can opt out of future payments.
  • If you filed Married Filing Jointly (MFJ) in 2020, both spouses have to opt out, otherwise one will still get “their share” of the credit.

If you have questions about the advance child tax credit:


Read more about the Child Tax Credit and Advance Payments for 2021:

Do the 2021 Changes to the Child Tax Credit Impact You? – Better Financial Counseling Network

Should you Opt-Out of the coming Advance Child Tax Credit Payments? – Better Financial Counseling Network

Read more about using the Tax Credit to Improve Your Financial Status

Buckle Up! Your Emergency Fund is Your Financial Seatbelt. – Better Financial Counseling Network

Smart Choices for the Advance Child Tax Credit Payments – Better Financial Counseling Network


Photo by mostafa mahmoudi on Unsplash

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