Opt out of child tax credit? Why some people want to skip 2021 checks, and how to do it – By Katie Conner (CNET) / April 21 2021
The child tax credit will be split between seven payments, but not everyone will want to get their money that way. We’ll explain your options and what to do.
The new child tax credit payments are set to start going out in July to eligible families with qualified dependents. If you’re one of those people, you could receive between $500 and $3,600 per kid, depending on their age and your adjusted gross income for 2021. But did you know you have options when it comes to choosing when you’ll get your payment?
For example, you could start receiving monthly payments from July until December, with the second half arriving next year. Or you can choose to get one large payment in 2022 with your tax refund.
We’ll explain what you need to know about opting out of the smaller child tax credit payments, including why you might want to in the first place. While you’re here, if you haven’t received your $1,400 stimulus check yet or you’re waiting on a “plus-up” payment, here’s how to track it down. In addition, your state could owe you hundreds of dollars — it takes 2 minutes to check.
