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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?
$3600 tax credit that was just passed
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March 10, 2021
8:16 PM
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After you file
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.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
March 10, 2021
8:27 PM
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After you file
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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March 10, 2021
8:29 PM