The Internal Revenue Service will soon start sending out the advanced payments of the child tax credit for November. The taxpayers that have eligible children under the age of 6 receive $300 per child and $250 for every child between 6 and 18. This change in the child tax credit doubled the credit’s value and expanded the age limit, which was 17.
When to expect November advance CTC payment?
The Internal Revenue Service issues the advanced child tax credit payments on the 15th of every month. The same goes for November’s payment.
While the child tax credit payments are sent on the same day of every month, expect to have the funds on your account a few days later in the worst case. You’ll generally have the funds the next day direct deposited into your bank account, though.
Should I opt out of CTC payments?
Taxpayers can opt out of the advance child tax credit payments if they prefer to. Although the advance payments are beneficial to most taxpayers, it isn’t the best option for everyone. If you’re not qualified to claim the full credit, you’ll end up increasing your tax liability.
Since the tax withheld and estimated payments are not going to be included in this added liability, there is a chance that you might be subject to underpayment penalties. Considering that this isn’t something that you want, make sure to unenroll from the advance CTC payments immediately.