The IRS has announced that the portal for opting out of the advanced payment system for 2021 child tax credits is now live. You must create an ID me account and verify your identity to do so.
Please log on to: https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021
I would highly recommend handling this process on your mobile device as it makes it much easier to take and upload photos of your identification and complete the ID verification process.
As a reminder, for any taxpayer that relies upon their child tax credits to offset their income tax obligation, you would need to opt out in order to have those credits work for you as in prior years. And, if you receive additional credits based on your 2020 income that you do not get with your 2021 tax return results, you will have to pay back the excess credit, unlike the stimulus payments.
It also appears that only the primary taxpayer (the family member listed first on the tax return) has to process the request to opt out of the payments.
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