Unemployment

[Pebblesg564]

I have a few questions about my taxes that Ihave been filed I paid in on unemployment and I dont feel like I received any of that back also I have 2 children and only received for 1 on the tax credit I dont feel like my taxes was done right please help thank u

[xmasbaby0]

If you filed your tax return before the tax law changed for federal tax on unemployment then the IRS is recalculating your refund and you can receive an "extra" refund sometime during the next few months.

 The IRS is recalculating refunds for people whose AGI is $150K or below and who filed before the tax law that changed the amount of unemployment that is taxable on a federal return became effective.   

The IRS began to send out the additional refund checks for tax withheld from unemployment in May.  The refunds are being sent out in batches—starting with the simplest returns first.   If you are eligible for the extra refund for federal tax that was withheld from your unemployment the IRS will be sending you an additional refund sometime during the next several months.  TurboTax cannot track or predict when it will be sent.  The IRS has not provided a way for you to track it, so all you can do is wait for the refund to arrive.

https://ttlc.intuit.com/community/tax-topics/help/how-do-i-get-the-new-unemployment-benefits-if-i-ve...

Please read this very recent news from the IRS:

https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-m...

https://www.irs.gov/newsroom/irs-begins-correcting-tax-returns-for-unemployment-compensation-income-...

https://ttlc.intuit.com/community/tax-credits-and-deductions/help/am-i-eligible-for-a-new-credit-or-...

As for the child tax credit --- you say you have two children but you did not mention how old they are.

You cannot get the CTC on a 2020 tax return for a child who was older than 16 at the end of 2020.   

If the child was born in 2020 you have to say the child lived with you for the WHOLE year.

The children must have Social Security numbers.

For the new enhanced monthly child tax credit payments for 2021:

Q C1. What is the amount of the Child Tax Credit for 2021? (added June 14, 2021)

A1. For tax year 2021, the Child Tax Credit is increased from $2,000 per qualifying child to:

• $3,600 for children ages 5 and under at the end of 2021; and
• $3,000 for children ages 6 through 17 at the end of 2021.

Note: The $500 nonrefundable Credit for Other Dependents amount has not changed. For more information about the Credit for Other Dependents, see IRS Publication 972, Child Tax Credit and Credit for Other Dependents PDF.

https://ttlc.intuit.com/questions/1900923-what-is-the-child-tax-credit

https://www.irs.gov/help/ita/does-my-childdependent-qualify-for-the-child-tax-credit-or-the-credit-f...