Yes. Taxpayers who would rather receive a lump sum Child Tax Credit on their 2021 tax return can use the Update Portal to un-enroll or opt-out of receiving the advance payments. The Child Tax Credit Update Portal enables also allows taxpayers to quickly un-enroll or opt-out of advance payments if they do not qualify to receive them. Situations in which this may occur include:
- Their income in 2021 is too high to qualify them for the credit.
- Someone else (an ex-spouse or another family member, for example) qualifies to claim their child or children as dependents in 2021.
- Their main home was outside of the United States for more than half of 2021.
Reminder: If a married couple filling MFJ wish to unenroll, each must unenroll individually. If only one individual unenrolls, the other will receive half of the joint payment they were supposed to receive.