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
https://www.irs.gov/credits-deductions/child-tax-credit-update-portal
The ability to opt out of this credit is available now. If you have kids the IRS will be sending out checks starting next month unless you opt out. If you don’t opt out, you will potentially be paying it back if you don’t have enough deductions to cover it. Just some food for thought. I chose to opt out, make the decision that works for you or at least read how it works.
Please don’t make this political, or it will be moved from general view
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
https://www.irs.gov/credits-deductions/child-tax-credit-update-portal
The ability to opt out of this credit is available now. If you have kids the IRS will be sending out checks starting next month unless you opt out. If you don’t opt out, you will potentially be paying it back if you don’t have enough deductions to cover it. Just some food for thought. I chose to opt out, make the decision that works for you or at least read how it works.
Please don’t make this political, or it will be moved from general view
