You can opt out of September Child Tax Credit payment from IRS, but time is running out to do it.
Advance child tax credit payments have been rolling out for two months and on September 15 the third installment will hit bank accounts.
While August payments hit a technical snag, resulting in many checks being sent via U.S. Mail, as opposed to direct deposit on August 15 as planned, the next round of payments is expected to go more smoothly.
Some families have chosen to opt out of the monthly checks, which account for half of the total allotment ordinarily paid out at tax time. The Biden Administration allowed for early access to those funds through monthly installment payments. Those will continue on the 15th of each month through December.
The IRS is making a significant update to its digital portals, which will allow families to make changes – including adding or removing children, update marital status, and notify them about significant changes in income. That last item is important, as Americans get back to work, and potentially see shifts in weekly income that could cost them next tax season.
Families who receive the monthly child tax credit payments will be eligible for a single payment at tax time in 2022 of up to $1,800 per child. Through the installment payments, the same amount could be banked by families per child.
There’s an important deadline coming up though for families looking to opt out of September’s child tax credit payment. It’s Monday, August 30 at 9 p.m. You can click here to update your information anytime. After Monday’s deadline, the next opportunity families will have to update their information – effectively stopping the next payment would be October 4, at 9 p.m. for the October 15 payment.
For those who are eligible and do not opt out before Monday night though, payments will go out and be processed on September 15 through the IRS.
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