Your Final Child Tax Credit Payment Can Be Adjusted for Income Changes (But There's a Deadline)

If your income has gone up or down this year, consider adjusting your final monthly child tax credit payment. But you need to act soon.

picture of parents with young children working on finances at their kitchen table
(Image credit: Getty Images)

Did you know that you can adjust the amount of your final child tax credit payment if your income went up or down this year? However, you'll have to act soon if you want to change the amount of your December 15 payment. The deadline for notifying the IRS of a change in income is midnight Eastern Time on November 29 if you want your last payment to be higher or lower. If you're married, an income update made by one spouse will apply to both spouses, which could affect the final monthly payment for both of you.

Why Your Income Matters

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Rocky Mengle

Rocky Mengle was a Senior Tax Editor for Kiplinger from October 2018 to January 2023 with more than 20 years of experience covering federal and state tax developments. Before coming to Kiplinger, Rocky worked for Wolters Kluwer Tax & Accounting, and Kleinrock Publishing, where he provided breaking news and guidance for CPAs, tax attorneys, and other tax professionals. He has also been quoted as an expert by USA Today, Forbes, U.S. News & World Report, Reuters, Accounting Today, and other media outlets. Rocky holds a law degree from the University of Connecticut and a B.A. in History from Salisbury University.