"It's important to allow that ability to opt out of these payments because we don't know how people have budgeted their tax refunds," said Elaine Maag, a principal research associate at the Urban-Brookings Tax Policy Center. "And so if it's important to them that they receive this credit as one lump sum payment, we want to make sure people still have that option.
The full credit is available to all children ages 17 and under in families with 2020 or 2019 adjusted gross income of less than $75,000 for single parents and $150,000 for a married couple filing jointly, and ends for individuals earning $95,000 and married couples filing jointly making $170,000, though they'd still be eligible for the regular child tax credit.
This generally applies to families who not only have income from wages but might have capital gains or other money coming in and so have the IRS withhold more than the standard amounts often taken out of biweekly paychecks by an employer.
CNBC They are not helping the disabled big mistake
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