I already submitted my taxes for 2020. If the stimulus is approved there is an enhanced child tax credit. What will I need to do in order to take advantage of this?
The law is not yet enacted. If and when this becomes law, the IRS will issue directives and guidelines. And TurboTax will always be here to guide and support their customers.
The IRS is urging taxpayers not to amend their returns. There will be a process to roll out the enhanced child credit.
The credit applies to 2021 returns, but lawmakes expect half of it to be paid later this year.
Article on enhanced child tax credit
The child tax credit will be available to parents with children under the age of 18. This will be the first time those with children aged 17 will receive the tax credit. Families with children under 6 will receive a $3,600 credit per child, while those with school-aged children will receive $3,000 per child.