A key question is whether the taxpayer wants to receive the first half of the credit monthly or wait until the 2021 tax return filing to obtain it. In a recent survey, Ally Bank found that 67% of eligible taxpayers expect to take monthly payments of the credit.on the IRS site. The reason for this is quite simple.
For those taxpayers who are not sure they will be eligible for the credit, there is still time to opt out, using the same tool. This might make the most sense for taxpayers who have complex filing situations, such as a divorce or increased income. “The IRS is probably going to get the majority of the Advanced Child Tax Credits correct. But if they get 90% right – a feat which should be commended if they do – that still leaves millions of Americans on the hook with a problem, whether getting a payment they didn't want, getting a payment they aren't eligible for or not getting a payment that they thought they were eligible for,” says Markowitz.
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