THE next child tax credit payment will start hitting bank account this week on October 15.
Families who do not meet eligibility requirements may want to unenroll from advance payments, to avoid having to pay back the IRS.
Child tax credit advance payments are optional, and the deadline to opt-out of them for next month is November 1, at 11:59pm ET.
Opting out of advance payments is a smart move for families who know that their financial situation is changing this year.
If you are expecting a payment, you can track it by visiting the non-filer tool, which will remain open until next Friday, October 15.
Families that do sign up for the payments could receive hundreds of dollars every month for each qualifying child.
The IRS is using 2020 tax returns to determine eligibility for the monthly payments, so those who have not filed their taxes yet could miss out on the benefits.
Additionally, parents who didn’t make enough income to file a tax return could also be left out as the IRS would have no way of knowing if they qualify for the payments, as reported by CNET.
Read our child tax credit live blog for the latest news and updates…
Source: The Sun
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