HURRY – IF YOU NEED TO OPT OUT OF CHILD TAX CREDIT, NOW’S YOUR CHANCE
September’s deadline passed at the end of August, but it’s not too late for Americans to withdraw from 2021 payments by October 4.
If the IRS has old tax information for you from 2019 or 2020, and your circumstances have changed, you could be receiving too much – and this will need to be sent back.
Opting out could prevent you from owing that money next tax season.
For parents who are making more money in 2021 or have a child that someone else can claim as a dependent, opting out may save you from owing at the end of the year.
One of the perks of opting out is that parents will get a bigger tax refund in 2022, as people not receiving the monthly checks will receive a lump sum next year.
This year, those who have chosen to have montly payments will receive half of what they qualify for in six checks.
The rest will be sent in 2022 to each family after taxes are…