For instance, if it would end up increasing my refund amount, will I still get that extra amount even if I've already filed my taxes?
Q. If Biden's child tax credit increase due to COVID is approved, will I lose that extra amount if I file my taxes before it is passed?
A. No.
Q. Will I still get that extra amount even if I've already filed my taxes?
A. Yes. How? We don't know yet. Worst case: you have to file an amended return. Most likely case: it ain't gonna happen for 2020 taxes.
So if I am understanding you correctly then the outcome will most likely be either an amended return for 2020 or a special process that hasn’t been announced yet.
You made a closing statement that it most likely wouldn’t happen for 2020. Is that stating that you believe that it will not be allowed on the 2020 filing or that what?
Q. Is that stating that you believe that it will not be allowed on the 2020 filing or that what?
A. Yes. It's now March 3 and it hasn't even gotten to the senate yet. Being part of 2020 tax filing is just not possible.
The latest version (passed by the house) has it effective for tax year 2021, with advance payments being made (you don't have to wait til you file in 2022).
Reference: https://www.kiplinger.com/taxes/602335/house-approves-3000-child-tax-credit-for-2021