Do I need to amend my taxes to receive the CTC or unemployment refund?

We cannot see your return so we do not know if you need to amend to receive the CTC.   Were you previously ineligible for the CTC?   Did you file before the tax law changed for unemployment?   Some people do need to amend if they had unemployment that was taxed AND would now be eligible for a credit they could not get before----if that is the case then you may need to amend.   

 

 

If you were already getting the CTC on your 2020 return then you do not need to amend---the IRS will adjust the amount of the CTC along with the refund for the unemployment tax.

If you are eligible for the extra refund for federal tax that was withheld from your unemployment the IRS will be sending you an additional refund sometime during the next several months.  TurboTax cannot track or predict when it will be sent.  The IRS has not provided a way for you to track it, so all you can do is wait for the refund to arrive.

 

https://ttlc.intuit.com/community/tax-topics/help/how-do-i-get-the-new-unemployment-benefits-if-i-ve-already-filed-my-taxes/00/2081053

 

 

Please read this very recent news from the IRS:

 

https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-may

 

https://www.irs.gov/newsroom/irs-begins-correcting-tax-returns-for-unemployment-compensation-income-exclusion-periodic-payments-to-be-made-may-through-summer

 

https://ttlc.intuit.com/community/tax-credits-and-deductions/help/am-i-eligible-for-a-new-credit-or-deduction-because-of-the-unemployment-income-exclusion/01/2211778

 

No, you do not need to amend your tax return for either the CTC or the unemployment compensation exclusion.

 

Go to these IRS website for CTC information - 

 

https://www.irs.gov/newsroom/irs-monthly-child-tax-credit-payments-begin

 

https://www.irs.gov/credits-deductions/2021-child-tax-credit-and-advance-child-tax-credit-payments-frequently-asked-questions

 

Go to these IRS website for unemployment compensation exclusion information - 

 

https://www.irs.gov/newsroom/irs-readies-nearly-4-million-refunds-for-unemployment-compensation-overpayments

 

https://www.irs.gov/newsroom/irs-begins-correcting-tax-returns-for-unemployment-compensation-income-exclusion-periodic-payments-to-be-made-may-through-summer

 

https://www.irs.gov/newsroom/2020-unemployment-compensation-exclusion-faqs