In less than a few weeks the fifth child tax credit will be sent out to families.
Though many checks have gone out worth up to $300 per child, some families are deciding to opt out of the program every month to not receive the rest of the payments.
To opt out of November payments, families have until Monday Nov. 1 to change banking information, change address information, or opt out of the last two checks.
Anyone worried about needing to pay back the IRS may opt out to hopefully avoid being overpaid. This may happen with single or divorced parents. People also can receive a bigger tax refund in 2022 since these are advance payments being given.
These things can be done through the Update Portal with an ID.me account.
To unenroll in the November and December payments, login to the Child Tax Credit Update Portal and click Manage Advance Payments button. Sign in with your IRS or ID.me account or set one up. To create one you need an email, photo ID, social security number, and a smart phone or tablet. You will then see what your eligibility is and how to unenroll.
For November, the opt out date is Nov. 1 and payment date is Nov. 15. For December, the opt out date is Nov. 29 and the payment date is Dec. 15.
Unenrolling needs to be done by both parents if you file jointly with your spouse. If only one parents opts out, half of the payment will still be sent.
By opting out the remainder of money you’ve chosen to not receive will instead be part of your 2022 tax return.
Related: Child tax credit update: Families will get paid $7,200 per child in 2022 by IRS
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