THE Internal Revenue Service (IRS) has warned families to act by its deadline of August 30, 2021, to opt out and stop stimulus bill payments.
The warning to stop advanced child tax credit payments for 2021 comes as 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.
Last week, the IRS declared that those hoping to receive their next mid-month CTC check must provide the agency with any new information before midnight on August 30 in order to “have the change take effect in September.”
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.
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