Taxpayers will have the opportunity to decline receiving advance payments of the child tax credit or update information about changes in their income, filing status or the number of qualifying children. More information will be provided by the IRS soon.
Read MoreStarting in July 2021, the Treasury will issue advance payments of the child tax credit based on 2019 or 2020 tax return information. The purpose of the advance payments is to provide taxpayers access to funds from the credit before their 2021 tax return is filed (during tax season 2022).
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