I thought Turbo tax updated the software to account for the CARE Act recently passed in 2021 giving filers the full $3,000 dependent child tax credit?

lidiceobrien · ‎April 5, 2021

macuser_22 · ‎April 5, 2021

That starts for the 2021 tax year.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

SteamTrain · ‎April 5, 2021

That is not effective until you prepare your 2021 tax return next year. It is not a part of a 2020 tax filing.

OF course, they were talking about pre-paying that monthly starting July.....or later and how that "might" proceed has not been fully determined....but that probably also depends on you having already your 2020 taxes filed ....so get that done in the next few weeks.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

JeffreyR77 · ‎April 5, 2021

The American Rescue Plan temporarily expands the child tax credit for 2021 to $3,000 for dependents 6-17 years old and $3,600 for children under age 6. These changes have no impact on the 2020 tax return filing.

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I thought Turbo tax updated the software to account for the CARE Act recently passed in 2021 giving filers the full $3,000 dependent child tax credit?