The next installment of the advance child tax credit will hit accounts Sept. 15. If you’re still unsure about whether you should be getting them, or still need to sign up, here are some important dates to keep in mind.
You can still choose to opt out of receiving your monthly payment. This means even if you received your first or even second and third payments, you can change your mind and opt-out of any remaining disbursements.
The date to remember for this is three days before the first Thursday of the month. For October’s payment, you must opt out by Oct. 4. This will ensure you do not receive the next month’s payment.
Here are the rest of the payment dates and opt-out deadlines:
- Oct. 15 payment – opt out by Oct. 4
- Nov. 15 payment – opt out by Nov. 1
- Dec. 15 payment – opt out by Nov.29
You need to log into the IRS online portals in order to formally opt out of the monthly payments. If you are married, both you and your spouse have to complete the opt-out process in order for it to take effect. Keep in mind, if you opt out of monthly payments, you cannot re-enroll.
There is no difference in tax treatment whether or not you receive the credit in a lump sum or monthly distribution. The credit is fully refundable, and you will not need to pay it back if you do not exceed the income limits.
More From GOBankingRates