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Level 2
posted Jan 15, 2021 8:24:04 AM

If Bidens plan passes with the child tax credit increase will that reflect this year when I file my taxes?

If Bidens plan passes with the child tax credit increase will that reflect this year when I file my taxes

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2 Replies
Level 15
Jan 15, 2021 8:26:50 AM

No.  If that is ever passed by Congress and signed by the President it will not affect tax year 2020 returns.  Unless they plan to screw up everyone's 2020 filed tax returns and make it retroactive to tax year 2020.

Level 15
Jan 15, 2021 8:30:42 AM

HIGHLY unlikely it will be retroactive to the 2020 returns  but unprecedented things are happening daily.  Watch the news for the final tax reforms and don't hang your hat on the talking heads.