Child Tax Credit

[WorkingToFish]

Long story short - MFJ, I opted out of the advance child tax credit. I asked my wife to do the same. Got a check in the mail today addressed to her for $360 so she never opted out. I do not want to cash this check but cannot find any information on-line about what to do with the check. I do not want this to show up on my tax return that I accepted the payment in order to keep things simple. We are in the process of opting her out of any future payments.

Anyone know how to navigate this BS?

[tylerjw12]

I'm pretty sure I read something in the FAQs about how you could not return or otherwise decline funds once the deadline to delay had passed. I think you're SOL unfortunately.

[JBME]

If you know how to do taxes, this really isn’t hard to figure out at tax time and it will take you far more time to try to figure out what to do with the check now that you have it

[uksho]

Am I completely missing something here?
I am just saving that money . If I get it now vs later next year ? What difference does it make ?

I am asking this for my knowledge

[HandFellow]

we are just donating ours to charity every month. What ever happens at tax time is going to be pretty minimal and won't move the needle much. No need to panic

[WorkingToFish]

we are just donating ours to charity every month. What ever happens at tax time is going to be pretty minimal and won't move the needle much. No need to panic

Not panicking. But would be nice to have a $7200 buffer for 2021 taxes as I am a new attending and can only speculate at this point what I am going to owe.

I will just cash this check and cancel any future payments.

[Smalltownboy]

I have a related question. The first payment in July we received $300. After that check, I opted out of mine (my spouse did not) and this month we received a check for $180. I am confused on the math I guess.. was expecting the second check to be $150

[hebel]

Not panicking. But would be nice to have a $7200 buffer for 2021 taxes as I am a new attending and can only speculate at this point what I am going to owe.

I will just cash this check and cancel any future payments.

If you became an attending in July 2021, it's very possible that you will get a refund next year if you are W-2 since you will be "overtaxed" those first 6 months as an attending compared to your actual annual salary.

[Lordosis]

I have a related question. The first payment in July we received $300. After that check, I opted out of mine (my spouse did not) and this month we received a check for $180. I am confused on the math I guess.. was expecting the second check to be $150

Close enough for government work.