I Have Shared Custody of My Child: Should I Get Monthly Child Tax Credit Payments?
Parents who share custody of their children have lots of questions about the monthly child tax credit payments being sent by the IRS from July to December this year. Which parent should be getting the payments? Should the parent who is getting them opt-out of the child tax credit payments? Does the parent who isn't getting payments lose out on the child tax credit? Confusion surrounding these types of issues can add unnecessary frustration for parents trying to figure out how the monthly payments work.
Fortunately, the IRS has provided much-needed guidance for parents with shared custody arrangements. For instance, the tax agency describes how it determines which parent should receive the monthly payments. It also advises some parents who are currently receiving payments to opt-out
