Did you use TurboTax to prepare your original return? If so, you would not be charged to file the amended return as you already paid for the forms and software for 2020 when you prepared your original tax return.
Amended return information
As far as processing time, that will depend upon the IRS and how quickly they process your return. Please see the link below for an estimate from the IRS as to how long it will take to update their system to see your amended return as well as processing times.
Where's my amended return information from the IRS
As for the new 2021 Child Tax Credit, the IRS will use the latest tax return on file to determine how much you are entitled to. Please see the section titled Expanded Child Tax Credit on the link below for additional information.
How will the 3rd stimulus affect me
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