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Monday, August 15, 2022

Stimulus Check: Opting Out Of The Child Tax Credit Payments, A Few Salient Points

As usual, the Child Tax Credit Stimulus Check for November will be disbursed in the middle of the month. But you could still choose not to collect the last two checks for November and December.

While millions have opted for the monthly stimulus check instead of collecting it at the end of the year, many families are choosing to stop collecting the monthly checks.

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The last date to update bank information and address was November 1. Choosing to un-enroll is a quick way for families who are apprehensive that they might have to repay part of the CTC stimulus check. The payments are in advance of the income tax return to be submitted in 2022.

Some families are also experiencing trouble while updating the household changes. Some families also want a larger tax refund against their income tax returns. Opting out of the monthly stimulus check will be easier for non-traditional families to avoid the problems normally associated with the CTC stimulus check advance.

The IRS portal is the tool to update information relating to payments, update bank and home addresses, and opt-out of the monthly advance stimulus checks.

Why Parents Are Moving Out Of The Monthly Stimulus Check Option

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Parents could benefit from opting out of the CTC stimulus check advance payments for the following reasons.

Getting a one-time check to pay large debts or a discount against tax returns is a better option for numerous families.

Parents who know that their household circumstances might change or have already changed in 2021 do not want to update information. This is especially true for those who do not have the option of updating their personal information. Parents who have separated, are unwed or have alternate custody, could face similar problems while updating the portal.

It is important to remember that opting out of the monthly check doesn’t mean forfeiting the money. Instead, the amount will be adjusted against the tax returns for 2021 to be filed next year.

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