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Some Families Should Opt Out of Advance Child Tax Credit Payments Starting July 15 Here s Why

It s important to allow that ability to opt out of these payments because we don t know how people have budgeted their tax refunds, said Elaine Maag, a principal research associate at the Urban-Brookings Tax Policy Center. And so if it s important to them that they receive this credit as one lump sum payment, we want to make sure people still have that option. If a family has not yet unenrolled for the advance monthly payments, they will, in fact, receive one through direct deposit or by paper check this month, as the last day to update the preference for the July disbursement was June 28. However, families can still tell the IRS not to send the payments going forward, meaning they won t get the money for the remaining five months through the end of the year.

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