topic If the child tax credit gets increased, how do I update my file on TurboTax to receive the increased amount? in Deductions & credits

If the child tax credit gets increased, how do I update my file on TurboTax to receive the increased amount?

cvallie — Tue, 10 Feb 2026 09:51:15 GMT

Re: If the child tax credit gets increased, how do I update my file on TurboTax to receive the in...

BillM223 — Fri, 19 Jan 2024 19:02:13 GMT

If you are speaking about the newest child tax credit updates, please note that it will not take effect until the 2024 tax year (i.e., next year).

Re: If the child tax credit gets increased, how do I update my file on TurboTax to receive the increased amount?

DoninGA — Fri, 19 Jan 2024 19:02:37 GMT

It is doubtful that the Congress will increase the Child Tax Credit for tax year 2023 since tax returns for 2023 are already being filed.

If for some reason they do then IRS will have instructions on how to proceed, but well after the legislation is passed and signed by the President.

Re: If the child tax credit gets increased, how do I update my file on TurboTax to receive the increased amount?

AmeliesUncle — Fri, 19 Jan 2024 20:14:22 GMT

The current bill in Congress does not increase the amount of the credit. It merely changes how much of it could be "refundable" (amount refunded that is in excess of your total income tax). So depending on your circumstances, there is a good chance that nothing would change even if it becomes law.

Re: If the child tax credit gets increased, how do I update my file on TurboTax to receive the increased amount?

Opus 17 — Fri, 19 Jan 2024 21:12:26 GMT

No one knows. If the law is passed as promised, and if it affects 2023 tax returns, you will have to wait for the IRS to announce the procedure. They might recalculate affected tax returns and pay any extra amounts automatically, or you might have to file an amended return. However, that is months away from happening. Be patient, and wait and see what the IRS announces.