You have so many things going on--and now are adding details that were not part of your original question--- that it is impossible for someone in this user forum to predict your 2021 tax situation. You say you do not know how much your gambling losses will be. And you have not mentioned how much tax has been withheld from all of your gambling winnings. If you have tax due at the time that you file your tax return, the child tax credit will help to pay toward that tax debt. If you have enough money to live on for the time being, then it might be wiser to opt out of the monthly child tax credit payments so that the credit on your tax return is more at tax time.
To opt out of the monthly payments go to Manage Payments.
https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
