Information to opt-out of Child Tax Credit

by | Jul 27, 2021 | Taxes, What is Hot

Important changes to the Child Tax Credit will help many families get advance payments of the Child Tax Credit starting in the summer of 2021.

Half the total credit amount will be paid in advance monthly payments and you will claim the other half when you file your 2021 income tax return. We’ll issue the first advance payment on July 15, 2021. For a full schedule of payments, see If I’m eligible to receive advance Child Tax Credit payments, when will I start receiving payments?

If you don’t have a bank account for direct deposit, see Don’t have a bank account?

 

How It Works

Use this tool to:

  • Check if you’re enrolled to receive advance payments
  • Unenroll to stop getting advance payments
  • Provide or update your bank account information for monthly payments starting with the August payment

In the coming months you will be able to make other updates that affect your payment.

Joint filers: If you filed jointly on your most recent federal tax return, your updates will only affect your, and not your spouse’s, advance payments.

What You Need

 If you don’t have an existing IRS username or ID.me account, have your photo identification ready.

Click here to manage or opt-out of payments