I know they just passed this bill. But I wasn’t sure how the tax credit even works in general, but from what I am understanding they are increasing what we get back. Is this correct? My tax return has already been filed and accepted, so would I need to amend my return?
In the coming weeks and months after the IRS has written the regulations, rules and procedures it then will be possible to know exactly how all of this pans out. TurboTax will not change anything in their software until approved by the IRS. Whether or not any of this is going to apply to tax year 2020 or will only apply to 2021 and future tax years is not yet known.
The House has not yet passed it, nor has the President signed it, so we don't know how it will work once it is finally enacted. Stay tuned. The current proposed bill would apply to the 201 tax year (returns filed in 2022) for the CTC.
The bill has NOT been signed into law YET !!! It still must go to the house and then to the president or back to the senate. UNTIL the bill has been signed into law and the IRS figures out how to implement it and put out instructions all anyone can do is WAIT for the guidance.