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Level 2
posted Mar 12, 2021 1:59:27 PM

Child Tax Credit

Since there has been a change in the deductions for the child  tax credit, a few days ago. Will it be updated in filing for taxes for 2021? Or will it be used for 2022? If you have already filed will they amend it? and for those that's waiting for there taxes to be accepted by IRS, what will be the option? 

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1 Replies
Level 15
Mar 12, 2021 2:03:39 PM

The increased Child Tax Credit is only for tax year 2021 which is filed next year, not for tax year 2020.

Any advances on the credit in 2020 will be handled by the IRS.

 

See this TurboTax support FAQ for information on the American Rescue Plan - https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/00/1393859