Monthly child tax credit payments may mean a big tax surprise in the spring for some parents


by CNN

CNN— Many parents were thrilled to have hundreds of dollars suddenly land in their bank accounts last week, as the Internal Revenue Service distributed the first of six monthly child tax credit payments.

WCVB—Some parents could see a big tax surprise this spring due to monthly child tax credit payments. You could be better off opting out of the monthly payments and receiving the credit as a lump sum when you file your 2021 taxes.

KSBW—Some parents could see a big tax surprise this spring due to monthly child tax credit payments. You could be better off opting out of the monthly payments and receiving the credit as a lump sum when you file your 2021 taxes.

Kiplinger—Warning: You May Have to Pay Back Your Monthly Child Tax Credit Payments. Unlike stimulus checks, you might have to repay your monthly child tax credit payments if you get too much money from the IRS.