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The Child Tax Credit is a normal credit that may appear on your federal income tax return. Changes that took place in 2021:
- If you’re married and make less than $150K a year you receive the full $2,000 credit per child (single, less than $75K).
- Half of your eligible credit is being paid out during the year meaning less is available on your end of year return. So if this credit is usually something you use to cover tax owed, the amount will be reduced.
- In the case of married spouses, both parties must opt-out to completely stop payments.
- By opting out of advanced payments you’re reserving the credit for the end of year tax return.
Step 1: Visit https://www.irs.gov/credits-deductions/child-tax-credit-update-portal
Step 2: Click Manage Advance Payments.
Step 3: Sign-in or create a new account.
Step 4: You’ll now be on the main portal page. By default, if you are eligible, you will be enrolled in the advance payments. If you do want the payments, you’re all set, nothing to do. If you don’t want the payments, scroll down to the Payments section.
Step 5: If payments have been processed, they will show up here. Click the “Unenroll from Payments” button to start the unenrollment process.
Step 6: Read through the prompts before clicking “I understand and want to proceed”.
Step 7: Read through the prompts and the Questions and Answers before checking the box and clicking “Submit”.
Step 8: This is the confirmation page. From here, you can either Logout or Return Home to view the updated Eligibility section.
Step 9: If you chose to Return Home, you’ll find that the Eligibility section has been updated to denote that your unenrollment is processing.
