IRS child tax credit update – Families can opt out & stop advanced payments for 2021 if they take this step by August 30

FAMILIES can opt out and stop advanced child tax credit payments for 2021 if they take this step by August 30.

Most families in the US qualify for the child tax credit expansion scheme, which was introduced as part of Biden’s American Rescue Plan that was signed into law in March, but not everyone will take part in it.

If families are not interested in the checks for $300 per month for every child five and under and $250 per month for every child six to 17, they can use the Child Tax Credit Update Portal to unenroll between now and December 2021, CNET reports

The opt-out option can be chosen if your “income or other household circumstances changed and could disqualify you from the extra money,” the news outlet explains. 

By opting out of the monthly payments, you could avoid having to repay the IRS.

According to the IRS, you need to unenroll 72 hours before the first Thursday of the next month to stop the advance checks.

Read our child tax credit live blog for the latest news and updates…