@scolden1127 wrote:
Okay so then will it be 3000.00 or will it just be 1000.00 to add to the 2000.00 tax credit from 2020? By the way thanks for the answer and quick responses!! 🙂
What the law says is that taxpayers should be paid monthly (or less often if the IRS can't handle monthly payments) starting July 1, 2021, and then the credit would not be paid on your tax return.
We might presume that if the credit is paid starting July 1, 2021, using 2020 information, and you have a change in circumstances during 2021, there will be a way to update the IRS and reconcile the credit on your tax return, to collect more (or pay back excess) but the IRS has not released any forms, instructions or procedures. It will likely take them months to fully come up with their solution.
