Federal Tax

Opt Out of Advance CTC Payments

The advance child tax credit (CTC) payments began July 15 and recipients still have the chance to opt out even if they start receiving payments. The IRS announced that families can use its Child Tax Credit Update Portal to opt out of remaining payments. Any updates made by Aug. 2 will apply to the Aug. 13 payment and all subsequent monthly payments for 2021. Under a recent law, monthly advance CTC payments are being made to families under certain income thresholds. Parents may want to opt out so they receive the entire CTC as a refund when they file their 2021 returns or because they believe they won’t qualify for the CTC when they file. Click here to access the portal. For questions, contact Cg. © 2021