Consumer Warrior Clark Howard: Save your child tax credit payments if you can

Jacksonville FL — With the child tax credit payments starting to go out, Consumer Warrior Clark Howard says save them instead of spending the money. Clark suggests putting the money into a savings or retirement account to help the money grow tax-free. He says there are some strings attached with the payments.

“There are a lot of people who actually are gonna have to pay this money back next year”. Clark says.

Clark says the cut-off is at $75,000 for single parents and $150,000 for married couples.

“If you’re divorced, raising a minor child with your ex-spouse, you may have to pay the money back too”. Clark says.

He suggests you can discontinue child tax credits payments by notifying the IRS and if you are eligible for the money you’ll get it all as a lump sum instead of monthly payments this year.

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