How does it the American Rescue Plan Act of 2021 $300 month child tax credit work?

[Lmclendon09]

I am told that the American Rescue Plan for 2021 is supposed give a child tax credit on my taxes and I would get a payment of $300 month.  But I would need to complete a form.  What form is that, and is it updated on the Turbotax software?  I am a bit confused on how this works, and what form I would need to complete on the software.

[xmasbaby0]

No one knows all the details yet.   There is not anything for you to do to sign up at this point.  The increased child tax credit is not in effect for your 2020 tax return.

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...

[Mike9241]

if you think you're confused so is the iRS

see this link for a lot of info on it. it won't start until 2021 with the first payment coming in July. the IRS WILL set up a portal for taxpayers to register.  (present plans)

https://grow.acorns.com/300-dollar-monthly-child-tax-credit-faq/ 

[Lmclendon09]

My real question is am I suppose to see the 3000 tax credit on my 2020 child credit tax form?  That is where I am really confused.  I keep reading that it will count for 2020, although it is for 2021 taxes, so I am thinking that I would see the credit on the actual form, instead of the 2000 child tax credit. 

[NCperson]

it has nothing to do with 2020 tax return.....

it is for the 2021 calendar year and the 2021 tax return