Hi There, How can I amend tax return for year 2020 that I've filled already? This is for unemployment assistance (tax-free for $10200) and child support: Thanks

[kamranhastam]

The agreement would also make the first $10,200 worth of benefits payments tax-free for households with annual incomes less than $150,000.
The legislation would provide $3,600 per child under the age of six and $3,000 per child age six through 17 for a single year.

[SweetieJean]

None of that legislation has been enacted into law yet. Once (if) it does, the IRS must develop procedures for how to handle it, and communicate those procedures to TT (which may or may not involve amending your return).  And the increased Child Tax Credit might not be effective until tax year 2021 (returns filed in 2022).  In any case,  TT must program, test and get IRS approval.  So nothing is going to happen for a while.

[kamranhastam]

Hi,

I've not received anything for unemployment assistance yet, do you know when can I expect to receive tax relief for this and child support?

Regards

Kamran

[Critter-3]

Ok ... the correction for the unemployment exclusion will take the rest of the summer to process all the returns they have piled up.

And the advance of the 2021 CTC will start sometime later in July or into August ... people who are eligible for the advance based off the processed 2020 or 2019 returns and you should be getting an IRS notice in the mail shortly.