I received my refund. However, after all of the new changes...It doesn't reflect the new amount that shows on TurboTax. Just my original amount. When will I get the rest?

[staceya07]

I filed before the new child tax credit was announced , and the changes to how EDD is now not taxing the first $10,200 ($20,400 for my husband and myself). When I look on TurboTax, my new amount reflects the changes, but my deposit from the IRS does not. Are these the monthly payments starting in summer, or will I get another deposit?

[xmasbaby0 · Accepted solution]

That CTC increase is not for 2020;  it is for 2021.   Your 2020 return does not have to be amended for it.  More information will be available soon; the details of how it will be implemented have not yet been clarified fully.  There may be monthly payments going out beginning in July 2021, with some of the CTC still left as a refundable credit on your 2021 tax return next year.

https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/01/1393859...

Here is why you do NOT amend your return for unemployment:

Please read this very recent news from the IRS:

https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-m...

[MinhT1]

1. For the exclusion of unemployment income, the IRS has issued new guidance on how the exclusion of unemployment benefits will be handled.

For those taxpayers who already have filed and figured their tax based on the full amount of unemployment compensation, the IRS will determine the correct taxable amount of unemployment compensation and tax. Any resulting overpayment of tax will be either refunded or applied to other outstanding taxes owed.

There is no need for taxpayers to file an amended return unless the calculations make the taxpayer newly eligible for additional federal credits and deductions not already included on the original tax return.

Please read this IRS document for more information.

2. The increased child tax credit will apply only to tax year 2021. The IRS has announced that they will be sending out monthly advances staring July 2021.

[staceya07]

@xmasbaby0 Thank you so much for answering my questions, and the links!!!! I appreciate it!

[staceya07]

@MinhT1 Thank you!!!!!! I appreciate your help!!