If you choose to receive the advance CTC payments, you are required to track the payments and provide details with your 2021 tax information. It's also important to note that this may reduce the refund that you would normally receive.
If you receive more enhanced child tax credit money than you are eligible for, you will have to return the overpayment to the IRS when you file your 2021 tax return. To avoid this situation, you'll need to make sure that your information is up-to-date before your first payment arrives.
If you do not wish to receive the advance payments or you need to make changes to your information, you must notify the IRS prior to July 15th, 2021 using the new IRS portal, which should be available by July 1st.
We will provide further information when the portal becomes available.