As of now, only three CTC payments have been delivered to qualifying families, and the fourth one is just around the corner. If you have already been receiving the other checks so far, but there has been a change in your situation, or you would be receiving a bigger tax refund in 2022, there is still some time for you to come out of this payment.
Currently, the deadline for this payment is just a few days from now. If you unenroll from the payment now, it would imply that you won’t receive the payments for the months of October, November, and December.
Reasons To Unenroll From The CTC Payments
One of the major reasons behind unenrolling from the CTC Payments is that you would rather have a single payment the next year, rather than having multiple smaller payments over the next two years. This could definitely be the reason for several families to save up for a large expense, or for those who have been budgeting that money to solve their outstanding debts. It could also be for those who have been accustomed to getting a much larger refund.
Another reason for which you could opt-out of CTC payments is that you have an idea about your household’s circumstances or the situation of taxing- which could change this year, and you have absolutely no way to deal with having to update your information- given that the option to bring about those changes in the updated portal of the IRS hasn’t been made available to parents. This could be the case for divorced, separated, or unwed parents who want to have custody of their child.
You could also cancel your CTC payments because you have been concerned about the IRS sending you an overpayment that is based on old tax information, and you don’t want to feel anxious about repaying the money. This could be the holdup if you find your household income increasing.