If you qualify for the advance Child Tax Credit, you can expect your next payment to hit your bank account by Nov. 15. If you haven’t been receiving CTC payments but are qualified to do so, you have until Nov. 15 to opt in.
By Dawn Allcot
Those who opt in on or before Nov. 15 will receive a lump-sum payment on Dec. 15, when the final advance CTC payment rolls out. This amount will equal half of the CTC you should receive in total. You can claim the balance when you file taxes in 2022.
If you don’t opt in to receive the credit in advance, you can claim it as a fully refundable credit on your tax returns for 2021. The deadline to file these returns is April 15, 2022.
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To opt in to receiving the advance CTC in December, you’ll need to file your 2020 tax returns by Nov. 15, 2021. This is a good idea, anyway, since failing to file can result in penalties if you owe the IRS money. Once your tax filings are up to date, you’ll be in the IRS system to receive your advance CTC payment on Dec. 15 in one lump-sum deposit.
If you don’t need to file taxes, you can use the third-party non-filer tool at Getctc.org/en. This portal is mobile-friendly and available in Spanish as well as English. However, be aware that it closes on Nov. 15; so you’ll want to sign up right away. Otherwise, you can claim the full CTC payment when you file taxes in 2022, as the site instructs visitors.
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If you’d prefer not to receive the final CTC payment on Dec. 15, but you’ve received all the other payments, you have until Nov. 29 to opt out through the IRS portal.
