I had to recently amend my taxes as me and my wife didn’t qualify for certain deductions, due to her claiming unemployment. I’m wondering if since my taxes were amended, will it effect us receiving the monthly child tax credit payments? Also, still waiting on a status for it as well since it’s been accepted.
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 will be monthly child tax credit 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.
As for the status of your amended return:
Even during “normal” times it takes about four months for the IRS to process an amended return. During the pandemic and due to the severe backlog at the IRS it is taking much longer—six months or more for many amended returns. Do not expect quick results from amending. When the IRS issues a refund for an amended return it will be by check. They do not make direct deposits for refunds for amended returns. You can watch for information here:
According to the IRS if your return, even amended, is pending (ie showing only as received) you will not receive the advance child tax credit payments. Go to topic Q B 12 It is infuriating to say the least, my son is 11, he has been on my return since I filed 2010 taxes. I had to amend 2020's return to add a late arriving 1098-T from my daughter's school. My amended return has been there since March 28th. I did receive the letter that I would be receiving the payments just a couple of weeks ago. The good news is we will be able to claim the full expanded credit when we file 2021 taxes but at this rate who knows when those returns will be processed because as of June 30th there were 35 million US income tax returns that had not been processed and estimated only 3% of phone calls were being answered. Verify that here
QUOTE: "When the IRS issues a refund for an amended return it will be by check. They do not make direct deposits for refunds for amended returns."
My 2020 amended return resulted in an adjustment that I received through direct deposit.