New online portal for opting out of advance Child Tax Credit payments

The IRS has opened an online site to enable taxpayers to unenroll from receiving advance payments of the 2021 child tax credit (CTC).

The new “Child Tax Credit Update Portal” allows parents to view their eligibility, view their expected CTC advance payments, and, if they wish to do so, unenroll from receiving advance payments (i.e., to opt out). Taypayers may choose to unenroll if, for instance, they expect the amount of tax they owe to be greater than their CTC refund when they file their 2021 tax return.

For individual information about your tax situation, contact a ShindelRock tax professional.