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agk400
Level 1

Advanced child tax credit

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. 

3 Replies
JohnS_CPA
Employee Tax Expert

Advanced child tax credit

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
Level 1

Advanced child tax credit

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

JohnS_CPA
Employee Tax Expert

Advanced child tax credit

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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