The portal will have an option to let you opt out of monthly payments.When will the child tax credit portals open for eligible families?
The IRS has set an open date by July 1, though we don’t have an exact target date yet. The portals could come online sooner than that. The IRS is simultaneously processing tens of millions of tax returns, which may affect the timeline while it also organizes the child tax credit program.What we don’t know about the child tax credit portals right now
There are still plenty of details that are still unclear about the IRS’ child tax credit portals, including:
- The exact date the portals will be available to families.
- How the portals will work for families updating their information.
- How families will differentiate between the two portals.
- The process for opting out of the monthly payment.
Just a thought, divorced parents that claim a child every other year should opt out. Both would need to do it to alleviate a possible problem.
I don’t really know how long the advance CTC payments will last. The way I understand the way it works, is the IRS is using the 2020 tax return with CTC to give the advance. So if true, then the parent that claimed it in 2020 would get the advance. The parent that did not, would not receive the advance.
It is my firm opinion, this whole thing of an advance on the CTC is a HUGE problem. I spent 17 years in the IRS and this kind of thing causes more problems that it is worth. The parent that did not get it will bi..h that they should have and the parent that did might have to pay it back.
My opinion, both should opt out for as long as this goes to save on headaches later.
