Advanced child tax credit

agk400 · ‎July 21, 2021

I received a check from the IRS for $167 for the advanced child tax credit. I want to know what my options were. Can I still unenroll at this point? I have not cashed it. My wife and I filed jointly for 2020. Our combined income was around $195,000. Are we better off unenrolling or should we accept the advanced payments? We don’t need it if it is better to unenroll.

JohnS_CPA · ‎July 21, 2021

You can unenroll here: IRS ACTC Portal

Since the payments are an advance in the CTC there is no penalty for unenrolling and computing your allowed credit with your tax return.

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agk400 · ‎July 21, 2021

If I unenroll, what do I do with the check that was already sent to me?

JohnS_CPA · ‎July 21, 2021

Unenrolling is not retroactive so the easiest thing to do is go ahead and cash it. The IRS is going to treat it as being paid out and trying to get them to consider it as not paid because you didn't cash the check is not worth the trouble.

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Advanced child tax credit