The CTC stimulus check program for the current year is quite different from the rest- which has led to confusion amongst the masses. There have been several new requirement changes- which certainly makes it more stressful for families- although it does allow them to get more money from the IRS.
For this year, the credit amount is higher, and qualifying families can receive almost half of the total amount through monthly installments. The other end of the sum would come through a tax season in 2022.
When Will The Next CTC Stimulus Check Payment Arrive?
There is a possibility that you won’t be receiving all of the CTC stimulus check money this year itself. You could definitely receive half of the payment in monthly payments, whereas the rest would be deposited in your account when you file your taxes next year. This would be the norm unless you inform the IRS that you want to opt out of the advance monthly payments scheme. Putting it succinctly, the larger section of the payment would be coming through next year- up to $1,800.
How do I opt out of the monthly CTC Stimulus Check payments?
The monthly payments have been deemed as optional, which couples with the fact that most of the US families don’t qualify- even if they might be eligible. If you are not sure that you qualify, you could choose to opt out of this scheme to avoid paying the IRS back. The deadline to opt-out of the payment scheme is the 2nd of August but you can definitely use the portal from the IRS anytime between now and December to unenroll.
Remember, if you opt-out of the advance CTC Stimulus check payments early, you would be receiving the money in one lump sum. Most parents who don’t qualify for the extra cash that is provided might be eligible for the refund of $2,000.