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
- 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:
- you can find many answers here: https://www.irs.gov/credits-deductions/2021-child-tax-credit-and-advance-child-tax-credit-payments-frequently-asked-questions
- you may also seek advice from a tax professional
Read more about the Child Tax Credit and Advance Payments for 2021:
Read more about using the Tax Credit to Improve Your Financial Status