Child tax credit: New portal for opting out of advance payments

FROM:Journal of Accountancy

The new “Child Tax Credit Update Portal” allows parents to view their eligibility, view their expected CTC advance payments, and, if they wish to do so, unenroll from receiving advance payments. For tax year 2021 only, ARPA increased the child tax credit amount to up to $3,000 for each qualifying child between age 6 and 17 at the end of the 2021 tax year, and $3,600 for each qualifying child under age 6 at the end of the 2021 tax year. In a set of new FAQs, the Service answers questions about unenrolling from the CTC advance payments.

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