Will the new child tax credit and $10,200 unemployment forgiveness automatically be applied to your tax return if you have already filed?

$3600 tax credit that was just passed

346

Level 15

Mar 10, 2021 8:27:51 PM

No.

The new law must first be turned into tax regulations by the IRS and then the IRS must issue the new regulations and tax forms to report it. Then the tax software company's use that to create the software to report it.

That procedure can take several weeks to several months.

Expert Alumni

Mar 10, 2021 8:29:51 PM

The bill needs to be signed into law which may happen Friday.

The IRS will then make an announcement as to how they will be handling that.

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Will the new child tax credit and $10,200 unemployment forgiveness automatically be applied to your tax return if you have already filed?