IRS Update Portal: How to unenroll from the child tax credit by Oct. 4 and more

IRS Update Portal: How to unenroll from the child tax credit by Oct. 4 and more

So far, three advance child tax credit payments have gone out to millions of families, with the next one scheduled for Oct. 15. However, each payment has come with its own set of problems, and waiting for live assistance from the IRS to get answers isn’t easy. If you’re experiencing an issue with your checks, you might want to opt out of the remaining monthly payments using the Child Tax Credit Update Portal. But you’ll have to act fast: The deadline is Monday, Oct. 4, 9 p.m. PT.

The Update Portal will also help you find do other things, like see your processed payments or modify your mailing address or bank information. But the online tool’s features are still limited. The IRS hasn’t given an exact date as to when parents will be able to update their marital status, income or the ages of dependents. Being able to inform the IRS of these changes in 2021 is supposed to help ensure that families are getting the right credit amount and avoid them having to owe the IRS money next year.

We’ll tell you how to use the portal to unenroll today. Remember that stopping your payments now just means you’ll get more of the credit next year when you file your taxes. We’ll also tell you about the IRS tool to verify your eligibility and another tool that helps low-income families register for the credit (that one’s only available until Oct. 15). Here’s what to do if you’re missing the July, August or September checks. This story was updated recently.

How can I stop the remaining child tax credit payments?

Most families who qualify for the expanded credit didn’t need to take action to receive the advance payments in 2021. If you already filed a 2019 or 2020 federal income tax return (or used the nonfiler tool in 2020 to register for stimulus payments), you would have started getting the credit automatically in July. And the credit is nonrefundable, so you don’t need income to get it, and families can pocket the extra cash if the amount of the credit is higher than their total tax bill.

The Child Tax Credit Update Portal lets you opt out of receiving this year’s monthly child tax credit payments. This means that instead of receiving monthly payments of, say, $300 for your 4-year-old, you can wait until filing a 2021 tax return in 2022 to receive the remainder of the $3,600. You can unenroll at any time, but you must opt out at least three days before the first Thursday of the month you’re unenrolling from. (Here’s a useful list of dates to know.)…Read more>>

Source:-cnet 

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