If I apply for the tax loan now in December and do not claim the Child Tax Credits (CTC), can I amend that part of the return and claim them when filing starts?

[Tmsierra89]

Applying for a loan, received a message saying if I file the CTC, the return will not be available until after February 15th die to the IRS guidelines for claiming CTC. So I'm wondering if I can deny claiming that part just to get the much needed loan, and amend the Tax Return once the filing starts in Jan/Feb to then receive the full amount leftover plus the CTC. Basically, you can't get the loan if you file the CTC, you would automatically have to wait until after February 15th, which defeats the purpose of needing the loan now.

[DoninGA]

You cannot amend a tax return to add a refund advance from TurboTax.  If TurboTax offers a refund advance on the 2024 federal tax refund it will not be until after January 1, 2025.

So, if you are offered the refund advance on the 2024 federal tax refund then it will only be paid after the tax return is e-filed and accepted by the IRS.  The IRS probably will not start accepting 2024 tax returns until late January.

[DoninGA]

Additionally, if you are eligible to receive the Child Tax Credit based on the dependents you have entered on your tax return, you will automatically receive the credit using tax preparation software.  You will not be able to remove the credit.

The only way to do what you want to do is to NOT claim any eligible children for CTC as dependents on your tax return.  Then if you receive the refund advance based on your federal tax refund, without claiming dependents, you can amend your tax return and add the dependents and the Child Tax Credit will be included in the amended return, if you are eligible.

Also, if you are eligible for the Earned Income Tax Credit and are receiving a refund, the refund will be held until mid-February.  The EITC cannot be removed from your tax return if you are eligible.

[Opus 17]

It currently takes the IRS 6 months to process an amended tax return.  If you omit your child dependent and file as early as possible, the earliest possible date to get a refund payment is probably February 7.  Then, you would have to file an amended return and wait 6 months to get the rest of your refund.  If you filed your correct complete return, the earliest you would see a refund is probably February 22.  Is it really worth it to have a 6 month hassle to get your full refund when the delay may be as short as 2 weeks?  (No refund date is guaranteed, of course, until it is actually paid, and many other factors can delay payment.)

[DoninGA]

Amended tax returns can take up to 16 weeks, sometimes longer, for the IRS to process.  So if you filed an amended return in February with a tax refund you should not expect to receive that refund until May or June.

[Opus 17]

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@DoninGA wrote:

Amended tax returns can take up to 16 weeks, sometimes longer, for the IRS to process.  So if you filed an amended return in February with a tax refund you should not expect to receive that refund until May or June.

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It seems to be long than that now, based on feedback in this forum.  I haven't filed one lately so I can't speak from personal experience.