ANAmong the various forms of stimulus programs introduced by the United States government in an effort to combat some of the financial problems caused by COVID-19 is the Tax credit for children and dependents.
The plan gives Americans with children or dependents a stimulus check worth up to $8,000 to help those who have additional costs related to parenting or care.
However, some families opt to opt out of the scheme, and those who want to don’t have too much time left to say goodbye to the December payment.
US citizens enrolled in the Child Tax Credit who still want to opt out of the December payment, have until November 29 to update their bank or address details on the IRS portal.
Unsubscribe from the December payment?
Opting out of the December child tax credit payment is a simple process. Users should go to the IRS update portal and click on the ‘Manage prepayments‘ knob.
From there one has to log in with a IRS or ID.me account and those who have neither need to create a new account.
On the next page you will see your eligibility status and from there you can opt out of the December payment.
For parents who have signed up for the scheme, both must unsubscribe separately, from each person’s account, to unsubscribe.
Why do some families drop out?
For those who opt out, it is certainly not a matter of denying money to which they are entitled. One reason could be that you are concerned about having to repay the IRS an overpayment from the CTC.
Another possibility is to receive a larger tax refund in 2022. Some may discover that they owe more money than they received in advance payments and can claim the remaining amount in 2022.