Child Tax Credit payments: Nov. 29th is last day for families to opt out or make other changes

 

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IR 2021-235 (11/23/2021)

In an information release, the IRS has said that taxpayers have until 11:59 pm ET on November 29 to make changes on the Child Tax Credit Update Portal (CTC-UP) for those changes to be reflected in the last monthly payment for 2021, scheduled for December 15.

Under the American Rescue Plan, most eligible families began receiving advance monthly payments of the child tax credit starting in July 2021. For these families, each payment is up to $300 per month for each child under age 6 and up to $250 per month for each child ages 6 through 17.

The CTC-UP allows families to verify their eligibility for the payments and then, if they choose to:

  • Switch from receiving a paper check to direct deposit;
  • Change the account where their payment is direct deposited;
  • Update their mailing address;
  • Stop monthly payments; and
  • Reflect significant changes in their income that could potentially raise or lower their monthly payments.

Reference: For advance payments of the 2021 CTC, see FTC 2d/FIN ¶A-4062 .

 

© 2021 Thomson Reuters/Tax & Accounting. All Rights Reserved.

 

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