Hours from now the deadline will pass for families to opt out of the September Child Tax Credit payment, which is scheduled to hit bank accounts by way of direct deposit in two weeks. The payments, which were rolled out with an array of issues for the second month on August 15, will feature a third such rollout on September 15.
The IRS has a deadline of 9 p.m. tonight for opt out request to be completed. Parents and families have been scrambling to opt out if they are concerned about owing money next spring due to significant income changes.
Advance payments on the child tax credit are scheduled to go out through December. Families will receive payments based on eligible children on the 15th of every month.
The American Rescue Plan built in the advance payments, and will allow for the rest of it up to $1,800 per eligible child to be paid out when income tax returns are filed in the spring.
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