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mellizards
New Member

Is the new child tax credit of 3000k going to affect this tax return? If already filed will I need to amend??

 
3 Replies
DoninGA
Level 15

Is the new child tax credit of 3000k going to affect this tax return? If already filed will I need to amend??

There is no new Child Tax Credit.  The CTC for tax year 2020 is $2,000

 

If and when the legislation is ever passed, approved and signed into law the US Treasury Department and the IRS will have to write the rules and regulations for the additional credit.  The IRS will then have to give guidance on the IRS website for how the credit will be distributed, if it is even for tax year 2020.

Howdy1989
New Member

Is the new child tax credit of 3000k going to affect this tax return? If already filed will I need to amend??

That previous answer is wrong. The new child tax credit doesnt refer to 2020 there for the answer is misleading. The new child tax credit refers to 2021 and temporarily increase the amount from 2000 to 3600 for kids under 6 and 3000 for kids under 17. The question remains. Will the check be sent out automatically for the difference if you have already filed, or will you have to wait until 2022 to file and receive it. 

DoninGA
Level 15

Is the new child tax credit of 3000k going to affect this tax return? If already filed will I need to amend??


@Howdy1989 wrote:

That previous answer is wrong. The new child tax credit doesnt refer to 2020 there for the answer is misleading. The new child tax credit refers to 2021 and temporarily increase the amount from 2000 to 3600 for kids under 6 and 3000 for kids under 17. The question remains. Will the check be sent out automatically for the difference if you have already filed, or will you have to wait until 2022 to file and receive it. 


The question presented 3 weeks ago was - Is the new child tax credit of 3000k going to affect this tax return? If already filed will I need to amend??

The answer is correct for tax year 2020. 

No legislation has been approved by both houses of Congress and has not been signed into law by the President.  So there is no reason to believe the legislation is going to affect a 2020 tax return until the rules and regulations have been written by the US Treasury and the IRS posts on the the IRS website how any additional credit is going to be handled.

Without any underlying legislation no one can assume anything.

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