WASHINGTON - The Internal Revenue Service is giving families enrolled to receive monthly child tax credit payments the option to opt out if they are earning more in 2021 than they were in 2019 and 2020.
The option to stop the payments is being offered by the IRS because some families who no longer meet the eligibility requirements for the tax credit may have to pay it back next April during tax season.
The child tax credit program was launched as part of President Joe Biden’s $1.9 trillion coronavirus relief package which allowed eligible families to receive up to $3,600 for every child under the age of 6 and $3,000 for every child ages 6 to 17.