Can i amend tax refund to apply $3000 child tax credit

[1927jeanette]

i need to amend 

[bluedeb · Accepted solution]

@pfab40  As of right now the $3,000 child tax credit has not been passed.  From what is said you would receive the amount in monthly payments, you would not amend your return.  See the following for information.

There’s already a child tax credit in place that provides $2,000 per child for 2020. When Americans file their taxes, they can claim the credit for children under 17. The current credit is income-based, so those making over $200,000 ($400,000 for married couples filing jointly) will see the amount of their credit gradually phased out. If taxpayers’ credit exceeds their taxes owed, they can get up to $1,400 as a refund.

The Democrats’ new proposal would increase the credit amount by $1,000 ($1,600 for those with children under 6) and allow taxpayers to receive the full amount as a refund. Additionally, the plan would make the credit payable in monthly installments of $250 and $300, respectively, rather than just once a year. The payments would start to phase out for individuals earning more than $75,000 a year or $150,000 for those married filing jointly. 

[DoninGA · Accepted solution]

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@1927jeanette wrote:

i need to amend 

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Once a tax return has been filed it cannot be changed, canceled or retrieved

You will have to wait for the IRS to start accepting or rejecting 2020 tax returns on February 12, 2021
If the return is rejected you can make the necessary changes and e-file again.
If the return is accepted you will have to amend your original tax return. An amended return, Form 1040X, can only be printed and mailed to the IRS if the original return was not e-filed. The IRS will take up to 16 weeks or longer to process an amended tax return.

Before starting to amend the tax return, wait for the tax refund to be received or the taxes due to be paid and processed by the IRS.

See this TurboTax support FAQ on amending a tax return originally completed and filed using the 2020 TurboTax online editions - https://ttlc.intuit.com/community/amending/help/how-do-i-amend-my-turbotax-online-return/01/27577

[bluedeb · Accepted solution]

@1927jeanette  

If you need to make changes or add information, you will have to wait until your return gets accepted or rejected to make any changes.  Do not make any changes to your e-filed return, it will not go through.  The IRS is not accepting returns until Feb. 12th, you will have to wait until then to see if your return is accepted or rejected.

If rejected, you can enter or change your information, then re-e-file.

If accepted, you would have to amend your return to make changes or add information.

Also, the Federal amended return (1040 X) will not be available until Feb. 28th (that can be subject to change.)