Should I wait to see if legislation passes on the increased child deduction before filing my 2023 taxes? If I don't wait, do I have for file an amendment if it passes?

Forum|Forum|2 years ago
January 26, 2024
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xmasbaby0

Level 15

ENHANCED CHILD TAX CREDIT BILL

No one here knows if or when the proposed enhanced child tax credit bill will pass. It is presently in the hands of 535 state representatives and senators in Congress. It has not been passed or signed into law. IF and when it passes, we do not know when they will make it effective or how it will be implemented. They are still wrangling with it so we do not know what it will look like when they are done.

It is unlikely to affect your 2023 return; maybe enough members of Congress remember what a mess they created when they changed the tax law for taxing unemployment during the 2020 tax filing season in 2021 and will not want to do that to the U.S. public again in mid tax season. Or maybe they will go ahead anyhow. We do not know. But if it affects you for 2023 they will have to provide a way for you to get the credit.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

DoninGA

Level 15

There is no need to wait. If or when the legislation passes the tax code has to be changed and then the IRS has to change their calculations on the tax worksheets and all the instructions for the tax year 2023 Schedule 8812, which will take months after the legislation is signed into law. Then the IRS will have to provide instructions on how to change all of the 2023 tax returns that have already been filed.