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Child Tax Credit Payment Opt-Out Deadline is October 4

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The next round of child tax credit payments is scheduled for October 15. Additional payments will continue to follow each month through the end of the year. However, for some families, the monthly payments aren't needed and, in certain situations, might actually trigger a financial hit down the road (see below). That's why the tax law permits parents who don't want or need the money now to opt-out of the monthly child tax credit payments altogether.

If that's what you want to do, use the IRS's online Child Tax Credit Update Portal to unenroll from the monthly payment program. (Note that you'll need an existing IRS username or an ID.me account to access the portal.) But be aware that there are deadlines each month if you want to opt-out before the next payment arrives. Generally, you need to unenroll by at least three days before the first Thursday of the month in which the next payment is scheduled to arrive (you have until 11:59 p.m. Eastern Time). That means you need to opt-out by October 4 if you don't want to receive the October 15 or later payments.

For married couples who file a joint tax return, both spouses must opt-out if you want to completely shut down your monthly child tax credit payments. If only one spouse opts out,........

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