If you have already submitted your 2020 tax return, you have to wait to make any changes, see below. If you have not submitted your returns yet, you can still make changes, go through your dependent information screens and see how your dependents are listed and what the total amount of Child Tax Credit you are receiving to determine why the amount is not what you think it should be. When you went through the dependent screens, do your dependents show up as dependents, are they all listed on page 1 of your Form 1040 and what box is checked for Box 4? Up to $1,400 of the credit is refundable and is phased-in based on your earned income. In most cases, you must have $2,500 or more of earned income to be eligible for any portion of the refundable Child Tax Credit. And when you review the credit, make sure you are reviewing the Child Tax Credit - it sounds like you were going through the Earned Income questions.
Which tax credit does my child qualify for?
The IRS hasn't started accepting tax returns; they will on Feb 12. After you select Transmit Returns Now, your e-file goes to pending status, where it will stay until it's either been accepted or rejected by the government. Think of pending as "in transit" or "in limbo"—just like you can't cancel a letter that you sent yesterday, you can't cancel a return that's on its way to the government.
To make corrections or changes to your pending return, wait until your return's either been accepted or rejected.
- If your return gets accepted, you'll need to amend. Do not amend until your original return is processed. You can e-file a 2020 amendment when the amending form become available.
- If your return gets rejected, you'll be able to make your changes before you re-submit your return.
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