Eric Kipperman •
The Advance Child Tax Credit Payment is a useful tool to allow early access to this credit that you normally would only receive when you file your return. Receiving these payments can be helpful to free up some cash to make things a bit easier now, after dealing with all of the financial hardships associated with the COVID-19 pandemic. For some, opting out of the payments makes more sense. If you rely on the Child Tax Credit to meet your tax obligation then you would want to opt out of the Advanced Child Tax Credit Payment as this will reduce the amount of credit available to claim on your 2021 tax return.
The Advance Child Tax Credit Payment is a useful tool to allow early access to this credit that you normally would only receive when you file your return. Receiving these payments can be helpful to free up some cash to make things a bit easier now, after dealing with all of the financial hardships associated with the COVID-19 pandemic. For some, opting out of the payments makes more sense. If you rely on the Child Tax Credit to meet your tax obligation then you would want to opt out of the Advanced Child Tax Credit Payment as this will reduce the amount of credit available to claim on your 2021 tax return.
