{"id":26529,"date":"2021-08-03T10:46:42","date_gmt":"2021-08-03T14:46:42","guid":{"rendered":"https:\/\/blog.eztaxreturn.com\/?p=26529"},"modified":"2023-06-04T13:34:44","modified_gmt":"2023-06-04T18:34:44","slug":"3-reasons-to-opt-out-of-the-child-tax-credit-payments","status":"publish","type":"post","link":"https:\/\/staging.eztaxreturn.com\/blog\/3-reasons-to-opt-out-of-the-child-tax-credit-payments\/","title":{"rendered":"3 Reasons to Opt Out of the Child Tax Credit Payments"},"content":{"rendered":"\r\n

The IRS<\/a> will be issuing advance payments of the child tax credit<\/a> through December.\u00a0 Eligible families will receive $300 per child aged 5 and under or $250 per child aged 6-17.\u00a0 While some taxpayers are welcoming the payments with open arms, others rather wait until spring to claim the full credit.\u00a0 Here are some reasons to consider opting out of the monthly payments and how to unenroll.<\/p>\r\n

 <\/p>\r\n\r\n\r\n\r\n

You\u2019d rather get a large tax refund<\/strong><\/h2>\r\n\r\n\r\n\r\n

Many people look forward to getting a large refund at tax time.\u00a0 They use the lump sum of cash to pay off debt<\/a>, build their savings, make a major purchase or achieve some other financial goal. \u00a0For 2021 the child tax credit is worth more money and is fully refundable.\u00a0 Eligible families can get up to $3,600 per child depending on their age.\u00a0 So, instead of getting half of the credit now and the rest when they file, they\u2019d rather wait until tax time to claim the full amount.<\/p>\r\n

 <\/p>\r\n\r\n\r\n\r\n

You usually owe money<\/strong><\/h2>\r\n\r\n\r\n\r\n

Some people don\u2019t pay enough taxes during the year and wind up with a balance due when they file their return.\u00a0 If you usually owe the IRS, consider opting out of the advance payments.\u00a0 Waiting to claim the credit can help minimize what you owe.<\/p>\r\n\r\n\r\n\r\n

<\/div>\r\n\r\n\r\n\r\n

Your tax situation has changed<\/strong><\/h2>\r\n\r\n\r\n\r\n

The advance monthly payments are estimated using the information on your 2020 or 2019 tax return<\/a>, whichever was filed most recently.\u00a0 When you file your taxes in 2022, your actual credit will be calculated using your 2021 tax information.\u00a0 If your tax situation has changed (you got married, your dependent<\/a> is no longer eligible, you earned more money, etc.), there\u2019s a possibility that you may receive a bigger payment than you\u2019re entitled to and end up owing money at tax time.\u00a0 It\u2019s also a good idea to opt out if you share custody of your child and alternate the years you claim them on your taxes.<\/p>\r\n

 <\/p>\r\n\r\n\r\n\r\n

How to unenroll from the advance payments<\/strong><\/h2>\r\n\r\n\r\n\r\n

To opt out of advance payments of the child tax credit, you\u2019ll need to use the \u201cChild Tax Credit Update Portal<\/a>\u201d on the IRS website.\u00a0 You\u2019ll need an IRS or ID.me account to use the tool.\u00a0 If you have neither, you\u2019ll need to have a photo identification ready so they can make sure it\u2019s really you.\u00a0 You must unenroll by the deadline otherwise you\u2019ll receive your next payment as scheduled.\u00a0 If you\u2019re married filing jointly, both spouses must opt out.\u00a0 If you do decide to opt-out, make your decision carefully because there\u2019s currently no way to re-enroll after you opt out.<\/p>\r\n

 <\/p>\r\n\r\n\r\n\r\n

Deadline for opting out<\/strong><\/h2>\r\n\r\n\r\n\r\n
\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n
Payment Month<\/th>\r\nUnenrollment Deadline<\/th>\r\nPayment Date<\/th>\r\n<\/tr>\r\n<\/thead>\r\n
August<\/td>\r\nAugust 2nd<\/sup><\/td>\r\nAugust 13th<\/sup><\/td>\r\n<\/tr>\r\n
September<\/td>\r\nAugust 30th<\/sup><\/td>\r\nSeptember 15th<\/sup><\/td>\r\n<\/tr>\r\n
October<\/td>\r\nOctober 4th<\/sup><\/td>\r\nOctober 15th<\/sup><\/td>\r\n<\/tr>\r\n
November<\/td>\r\nNovember 1st<\/sup><\/td>\r\nNovember 15th<\/sup><\/td>\r\n<\/tr>\r\n
December<\/td>\r\nNovember 29th<\/sup><\/td>\r\n\r\n

December 15th<\/sup><\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/figure>\r\n","protected":false},"excerpt":{"rendered":"

The IRS will be issuing advance payments of the child tax credit through December.\u00a0 Eligible families will receive $300 per child aged 5 and under or $250 per child aged 6-17.\u00a0 While some taxpayers are welcoming the payments with open arms, others rather wait until spring to claim the full credit.\u00a0 Here are some reasons […]<\/p>\n","protected":false},"author":3,"featured_media":26555,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[15],"tags":[],"class_list":["post-26529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-tips-and-planning"],"yoast_head":"\n3 Reasons to Opt Out of the Child Tax Credit Payments<\/title>\n<meta name=\"description\" content=\"The IRS will be issuing advance payments of the child tax credit through December.\u00a0 Here are some 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