Alternate year claiming

[HJames]

My ex wife and I have 50/50 custody based on a 5/5/2/2 visitation schedule, although she is the custodial parent and I pay child support. We alternate claiming him for tax purposes and I claimed our 16-year old son for the 2020 tax year. As a result when I received the third stimulus check the amount included money for him because I filed early and for my 2020 return I filed as HOH. I presume that she received credit for him for the first two stimulus payments which were based on the 2019 filing. 
My question is that I received the $250 on July 15 which is the first of six payments being made to offset the child credit. I will not be claiming my son next year so it seems as though I should opt out of those payments because I will file as single for 2021. Does that make sense?

Thank you. 
James

[fkbright]

I am happy to answer your question.  Your situation is not uncommon and congratulations on being pro-active in addressing the issue of the advanced child tax credit payments for people with shared / alternating custody of a child.

The advanced child tax credit is issued based on the prior year tax return.  Since you claimed the child in 2020 the IRS automatically enrolled you to receive the advanced payment for this year.

Since you will not be claiming you son in 2021, you will be required to repay the amount of the advanced tax credit payment  received when you file as single this year.  I suggest you unenroll from receiving the advanced payment to minimize the impact on your 2021 tax return.  The website link on how to update your information and stop the advanced payments is listed below.

https://www.irs.gov/credits-deductions/child-tax-credit-update-portal

Kind regards,