If I filed my 2020 taxes already, how will the recent tax changes such as the increase in child tax credit affect my return?

[DoninGA]

Since none of this legislation has been accepted and approved by Congress and has not been signed by the President, nothing is known how or even if it will affect your 2020 tax return.  If and when it becomes part of the tax code the IRS will post on the IRS website how it will be handled.

[Daddys_monkey32]

Could we please get an updated response as this has now been approved? Also if I already filed my taxes would a change in the child tax credit increase the refund amount?

[xmasbaby0]

The increased child tax credit has not been signed into law yet.  The House of Representatives is still working on the new stimulus bill and after they get finished it has to be signed into law by the President.  That CTC is not for 2020;  it is for 2021.   When and if it all passes and becomes a law we will have more information on how and when they will implement it.

[cnr668]

I tried to do an amendment, but TurboTax changed my amount on my tax file to show the change, so it won't let me file an amendment.  Please advise.

[DanielV01]

What are you trying to file an amendment for?