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lsujdavi58
Returning Member

electing not to receive monthly payments

We have a dependent as of May 2021. If we elect not to receive any advance monthly child tax credits, will the credit be applied in full when we do our 2021 taxes?

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NateTheGrEAt
Employee Tax Expert

electing not to receive monthly payments

Hi lsujdavi58,

 

Congrats on the new addition. Yes, you've got it exactly right! The advance payments would go against the credit you're entitled to receive when you file your 2021 tax return next spring. If you don't request the advance payment, the full credit will show up on your tax return.


I'm glad I was able to answer your question. Have a great day!

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3 Replies
Critter-3
Level 15

electing not to receive monthly payments

Yes ... you are not required to take the advance payment. 

NateTheGrEAt
Employee Tax Expert

electing not to receive monthly payments

Hi lsujdavi58,

 

Congrats on the new addition. Yes, you've got it exactly right! The advance payments would go against the credit you're entitled to receive when you file your 2021 tax return next spring. If you don't request the advance payment, the full credit will show up on your tax return.


I'm glad I was able to answer your question. Have a great day!

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
conniem123
Employee Tax Expert

electing not to receive monthly payments

Congratulations on your new little one!   Yes, if you meet the Child Tax Credit eligibility requirements you will receive the full credit on your 2021 tax return since you did not receive any advance payments.

 

Here is a great resource to review the eligibility requirements, including income limits for the expanded 2021 Child Tax Credit.

https://blog.turbotax.intuit.com/tax-deductions-and-credits-2/what-is-the-2021-child-tax-credit-unde...

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