There are only two days left to opt out or apply to increase Child Tax Credit payments

In just two days the deadline will pass for parents to decide on whether they want to receive their final child tax credit installment for 2021.

Parents have until Nov. 29, 2021 at 11:59 p.m. to make the decision.

The final payment is set to go out on Dec. 15.

If parents choose to opt out of the payment despite still being eligible for it, they can expect a bigger payment in their tax refund.

Related: A Spanish version of the child tax credit update portal is now available

By choosing to collect it later, it will be sent out with the second half of the child tax credit payment during the 2022 tax season.

Am I eligible to increase my payment in December, and how do I do it?

There is an option for parents to update their income in the child tax credit portal. It was made available Nov. 1.

Parents have until Nov. 29 to do it.

If eligible, parents may have their payment increased to the maximum for the month of Dec.

Related: Do you have kids? You could see a surprise $8,000 payment in 2022

This means if you already get the maximum you cannot apply. It’s for parents who are currently being paid below the maximum amounts.

This may be applicable if someone lost their job or their household has seen a drastic decrease in income.

If your family’s income has drastically increased, it’s better to let the IRS know as soon as possible through the portal.

Related: 4 ways that Americans aren’t taking advantage of thousands in stimulus payments or free cash

The maximum credit is available to families that make $75,000 or less. Families that file as head of household can make up to $112,500 for the full credit, and married couples filing a joint return can make up to $150,000 for the full credit.

Once incomes surpass those thresholds they begin getting smaller.

Families that did not sign up or opted out despite qualifying will see larger lump sums when they file their taxes in 2022.

Related: Are you eligible for a boost of cash in your final child tax credit payment?

Staff Report

FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].