Child tax credit: Why you might want to opt-out by next week

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Editor’s Note: The video above is President Biden speaking on the American Rescue Plan.

(WJW) – The first of six monthly child tax credit payments began July 15.

Parents should expect $300 a month for kids under the age of 6 and $250 a month for children between 6 and 17.

Those payments will continue until December 15.

Then in April of 2022, there will be a lump sum distributed – up to $1800 per child.

The next check will be disbursed on August 13.

However, families may want to opt-out, and they can do so this week.

Qualifying families have to alert the IRS that they want to unenroll from monthly payments to get it all at once next year.

The next deadline to opt-out is Aug. 2, but you can unenroll any time between now and December.

You can click here to manage your payments.

The portal will also let you update direct deposit information and personal information, like mailing address, income, or dependents.

President Joe Biden is looking to make the program permanent.

Right now, it is funded through the American Rescue Plan.

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