Iffor the and have , your first monthly payment will arrive in just a little over two months. Starting in July, you’ll get seven payments that will eventually equal out to . However, it depends on your child’s age and your for 2021. But you can opt out of the monthly payments if you’d rather get one large payment in 2022.
Unless you change your preference when the IRS portal opens, you’ll start getting monthly payments from July until December, with the second half coming next year. We’ll explain what you need to know about opting out of the smaller child tax credit payments. Also, here are somewhen you get it.
Additional note: If you’re still waiting on youror your , here’s . Also, your — it takes two minutes to check. Plus, here’s how .
Three reasons you might want to opt out of the monthly child tax credit payments
If you’d rather receive yourin one lump sum rather than seven smaller payments, you can choose to opt out of the payments in July. Here are some reasons you may want to opt out:
- You’d rather have one large payment next year.
- You know your circumstances will change and don’t want to deal with updating your information in the portal the IRS plans to open by July 1. (The portal is where you can update the IRS about any significant changes that pertain to you.)
- You’re concerned the IRS might accidentally send you an overpayment and you don’t want to worry about paying that money back.