How and When to Opt-Out of Monthly Child Tax Credit Payments
Parents across the country have already received up to four monthly child tax credit payments. The IRS sent the first round of payments to eligible families on July 15, and the additional batches went out on August 13, September 15, and October 15. Additional payments will be sent on November 15 and December 15.
- SEE MORE Who's Not Eligible for Child Tax Credit Payments (It May Explain Why You're Not Getting Them)
For many families, the monthly payments can mean the difference between financial stability and financial collapse. But for other parents, it makes more sense to stop the advance payments and claim the full credit (if any) on their 2021 tax return. If you fall into the latter group, you can opt-out of the. (To access the portal, you'll need either an existing IRS username or an account.) It can take the IRS up to seven days to process an unenrollment request, so log back into the portal periodically for a week or so after to make sure it goes through.
