Should I Unenroll From the Monthly Child Tax Credit?
Families should be aware of several important changes to the 2021 child tax credit . The total amount of child tax credits has increased from a $2,000 maximum to $3,000 for children aged 6 to 17. For children under six years old, families qualify for a tax credit up to $3,600 for 2021. The first half of the 2021 child tax credit is available via monthly payments beginning Jul. 15 . However, you may unenroll from monthly payments before that date if you wish to receive the entire tax credit when you file next year. How to unenroll from monthly child tax credit payments  If you wish to defer the monthly payments to receive your full child tax credit when you file your 2021 taxes, simply unenroll via the Child Tax Credit Update Portal. Choose Unenroll From Advance Payments and then sign in with your IRS username or ID.me account and follow the prompts to unenroll. Article continues below advertisement  You must opt out by Jun. 28 for the Jul. 15 payment. Once unenrolled, you cannot opt back in until Sep. 2021. Cnet.com also notes that you must opt out at least three days before the first Thursday of the month youre opting out of. Opting out of monthly child tax credit payments is simplest via the online portal. However, those without internet access can call the IRS using the number included in letters sent to eligible families. Article continues below advertisement