Share custody? You might wish to decide out of the Little one Tax Credit score funds

WAUSAU, Wis. (WSAW) – From July 15, parents will receive the first of six child tax credits. However, parents who take turns claiming children from their taxes may need to de-register. For example, if 2021 is not your servicing year for your child or children, you will likely need to repay the CTC upfront payment to the Internal Revenue Service or the other parent. The IRS will remit payments to the parents that the child or children claim in 2020.

It is too late to opt out of July 15th payment, however you can opt out of later payments through the IRS portal. CLICK HERE to manage your payment. The payment information update should only be done on the IRS website.

Additional payments will be received on August 13th, September 15th, October 15th, November 15th and December 15th.

CNBC reports that people who listed a 17 year old child on their 2020 tax returns also want to deregister because the child turns 18 and does not qualify for these payments. This means that you may be liable for payments to your family.

Copyright 2021 WSAW. All rights reserved.

Comments are closed.