Wife and I currently qualify for the monthly child tax credit payments, should we opt out? We are expected to make more than the cutoff for payments this year.

I know the amount gets smaller for couples making more than 150k, we are just concerned of being hit with a significant tax bill come next year. We currently use the standard deduction as we have little to nothing to deduct from our income. We usually receive a modest refund 1k-2k every year and would like to keep it that way or break even. Last year we made 135k with the expectation we will make over the 150k Thanks!!!

Submitted June 22, 2021 at 07:44AM by hikethemountains https://ift.tt/3qopgSn