Hello. I heard that the new Covid relief act includes additional child tax credits. Is that true? If so what do you do if you’ve already filed?

[xmasbaby0]

That CTC increase is not for 2020;  it is for 2021.   Your 2020 return does not have to be amended for it.  More information will be available soon; the details of how it will be implemented have not yet been clarified fully.  There may be monthly payments going out beginning in July 2021, with some of the CTC still left as a refundable credit on your 2021 tax return next year.

https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/01/1393859...

[RayW7]

Beginning in tax year 2021(the taxes you file in 2022) the Child Tax Credit will be expanded. The bill increases the amount that families claiming the Child Tax Credit receive from $2,000 to:

• $3,600 for each child under 6
• $3,000 for each child age 6-17

The credit is now fully refundable – that means that you are eligible for the credit even if you don’t owe taxes.

Although this credit is for next year’s tax filings, payments will also be sent in advance, over the course of the year, beginning no earlier than July 2021 so people don’t have to wait to file their 2021 taxes. The IRS will likely determine eligibility based on your most recent tax filing.

There is currently no information on when the IRS will issue instructions on the Child Tax Credit.

As soon as the IRS issues these instructions TurboTax will make the necessary updates to its programs.

-follow this link for more information-

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