Child Tax Credit Payments Are Being Deposited Today – Here Are the Other Important Dates
Written by
Georgina Tzanetos
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
The next installment of the advance child tax credit will hit accounts Sept. 15. If you’re still unsure about whether you should be getting them, or still need to sign up, here are some important dates to keep in mind.
See: New Child Tax Credit Website Makes It Easier To Get Your Money
Find: Didn’t Get Your Child Tax Credit? Here’s How to Track It Down
You can still choose to opt out of receiving your monthly payment. This means even if you received your first or even second and third payments, you can change your mind and opt-out of any remaining disbursements.
The date to remember for this is three days before the first Thursday of the month. For October’s payment, you must opt out by Oct. 4. This will ensure you do not receive the next month’s payment.
Here are the rest of the payment dates and opt-out deadlines:
- Oct. 15 payment – opt out by Oct. 4
- Nov. 15 payment – opt out by Nov. 1
- Dec. 15 payment – opt out by Nov.29
See: Here’s How The Child Tax Credit Could Affect Your 2022 Taxes
Find: Check Your Bank Account: Scammers Are Trying To Steal Your Child Tax Credit
You need to log into the IRS online portals in order to formally opt out of the monthly payments. If you are married, both you and your spouse have to complete the opt-out process in order for it to take effect. Keep in mind, if you opt out of monthly payments, you cannot re-enroll.
There is no difference in tax treatment whether or not you receive the credit in a lump sum or monthly distribution. The credit is fully refundable, and you will not need to pay it back if you do not exceed the income limits.
If you haven’t received one or more you can check the IRS website for more information here or give them a call.
You can also sign up in Spanish via the Child Tax Credit Eligibility Assistant.
More From GOBankingRates
- What Money Topics Do You Want Covered: Ask the Financially Savvy Female
- Can You Afford Education in America at These Prices?
- Nominate Your Favorite Small Business To Be Featured on GOBankingRates
- The Hidden Costs of Education at Every Level
