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Can you opt out of Child Tax Credit monthly payments? Yes, but there is a deadline

·7 min read
Can you opt out of Child Tax Credit monthly payments? Yes, but there is a deadline

Just as the Internal Revenue Service is gearing up to distribute millions of monthly child-tax-credit payments to U.S. parents, some of them may want to consider skipping the money now — or brace for a tax bill later, financial experts say. The rules on this year’s advance payments for the child tax credit, or CTC, might make parents who are near the income-eligibility limits choose to opt out so they can avoid repaying the sum at tax time next year. The first payments go out July 15 and Monday, June 28, was the deadline to skip that July payment, the IRS says.