Do I need to do anything to amend my filling with Turbo Tax, OR does the IRS make the adjustment automatically OR does this apply to when I file in 2022 for 2021? Thank you for clarifying.
The provision would temporarily increase the child tax credit to $3,000 or $3,600 per child for most families and have 50% of it paid in advance by the IRS,,,,,, it would allow half of the credit to be paid in advance by having the IRS send periodic payments to families from July 2021 to December 2021.
No, you do not need to amend the 2020 tax return. The increased Child Tax Credit is for tax year 2021.
The advances will be handled by the IRS.
See this Kiplinger's website for detailed information - https://www.kiplinger.com/taxes/602378/congress-passes-3000-child-tax-credit-for-2021