We hope you are enjoying the summer weather. We wanted to update you regarding the IRS portal and the deferring of the advanced payments of the child tax credit. Late last week, the IRS finally updated and opened their on-line portal to allow individuals to unenroll from the advanced payments of the child tax credit.
To unenroll from these payments, you will need to create an account on the IRS website.
After your account is set up, proceed once again to IRS.gov and click on “Get Answers on the Advance Child Tax Credit”. On the next page, you will click on “Unenroll From Advance Payments” and continue to follow the instructions to unenroll from the advance payment of the Child Tax Credit.
Keep in mind, if you filed your tax return as married filing joint, both spouses will need to create an on-line account with the IRS and unenroll from the advance payment if you choose to do so. If you filed as married filing separate, head of household, or single and reported eligible dependents on your income tax return but will not be reporting them as dependents in the current year, you will need to make sure you unenroll from the payments to avoid having to repay the advance payments you receive.
If you have questions about setting up your account on the IRS website or questions regarding the child tax credit, please do not hesitate to reach out to us. Enjoy the rest of your summer and have a Happy 4th of July!