topic Will I have to amend my 2020 return for the new Child Tax Credit? I filed for 2020 last weekend. in After you file

Will I have to amend my 2020 return for the new Child Tax Credit? I filed for 2020 last weekend.

catwoman6711 — Fri, 12 Mar 2021 16:04:16 GMT

Re: Will I have to amend my 2020 return for the new Child Tax Credit? I filed for 2020 last weekend.

xmasbaby0 — Fri, 12 Mar 2021 16:05:14 GMT

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.

Re: Will I have to amend my 2020 return for the new Child Tax Credit? I filed for 2020 last weekend.

DoninGA — Fri, 12 Mar 2021 16:06:15 GMT

No, you will not need to amend the 2020 tax return. The increased Child Tax Credit is effective on the 2021 tax return to be filed next year.

Any adjustments for tax year 2020 will be made by the IRS.

See this TurboTax support FAQ for information on the American Rescue Plan - https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/00/1393859

Re: Will I have to amend my 2020 return for the new Child Tax Credit? I filed for 2020 last weekend.

catwoman6711 — Fri, 12 Mar 2021 16:21:25 GMT

Thank you! This is exactly what I wanted to know. Stay safe and healthy and have a great weekend! 🙂