It’s Child Tax Credit Time, Here Are All The Important Dates

Happy child and young father with inflatable ring and drawing tropical fishes around him.
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The first monthly payments for the child tax credit are scheduled to hit bank accounts on July 15. There are some important dates to keep in mind for upcoming payments, as well as if you are looking to opt-out of payments in the future.

See: Child Tax Credit: Everything You Need To Know Before the July 15 Rollout
Find: IRS Will Start $3,000 Child Tax Credit Payments in July

You can opt-out any time this year and stop receiving your monthly payment. This means even if you receive your first payment in July, you can change your mind and opt-out of the remaining payments.

The important date to remember for this is three days before the first Thursday of the month. This will ensure you do not receive NEXT month’s payment, meaning it is already too late for July.

The rest of the payment schedule is as follows:

  • August 13
  • September 15
  • October 15
  • November 15
  • Dec 15, 2021

Save for Your Future

Keep in mind, if you opt-out of monthly payments, you cannot re-enroll. Once you have opted out, then you will only have the option of receiving the rest of the money in a lump sum during next year at tax time.

See: How Much Money Will I Receive From The Child Tax Credit?
Find: Here’s Who Is Not Eligible for the New Child Tax Credit

Alternatively, you also have the option of simply receiving all of the tax credit as one lump sum next year, but you will need to log into the IRS online portals in order to formally opt-out of the monthly payments. 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.

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About the Author

Georgina Tzanetos is a former financial advisor who studied post-industrial capitalist structures at New York University. She has eight years of experience with concentrations in asset management, portfolio management, private client banking, and investment research. Georgina has written for Investopedia and WallStreetMojo. 

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