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Question

When can we expect an update to reflect the new tax laws regarding unemployment income, and the child tax credit?

Forum|Forum|5 years ago
March 14, 2021
1 reply
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A

Anonymous

It's hard to say, but I think sometime this week or next the program should be able to incorporate the unemployment rules for those who haven't filed yet as the IRS has issued some preliminary guidance there. For those who have already filed, we may not know the best way to proceed for a few weeks as Congress now has its hands in it.

The new child tax credit is a 2021 credit, but I have heard that the IRS will have a way for taxpayers to sign up to receive advances beginning around July - so that will not likely be anything we hear much more about for a few months.

Alumni - Champ

This is from the IRS https://www.irs.gov/newsroom/irs-statement-american-rescue-plan-act-of-2021