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Sample Advanced CTC Check

Should you Opt Out of the Monthly Advance Child Tax Credit Payments?

With the monthly Advance Child Tax Credit Payments starting to be sent out in mid-July, we’ve received several inquiries from clients as to whether or not they should opt out of these payments (to avoid potentially having to pay it back when they file their 2021 returns). As such, I thought it would be helpful to provide an overview of how it works, how to calculate your 2021 amount, and how to decide if you should opt out of the monthly advanced payments.   By Laurence Schiffman, CFP® September 11, 2021   Estimated Read Time:  12-14 minutes If you don’t care about the details, scroll to the...