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If the new child tax credit passes the senate what does that mean for me with 3 children? Also I already filed what would be my next step...

 
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3 Replies

If the new child tax credit passes the senate what does that mean for me with 3 children? Also I already filed what would be my next step...

We do not know yet.  We will not know until the Senate gets done with it.   As of now, it has not been passed or signed into law.  You have no "next step" yet.   And we do not know if you will have a next step.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

If the new child tax credit passes the senate what does that mean for me with 3 children? Also I already filed what would be my next step...

No one knows.  The IRS might recalculate your return and send a check (if you qualify) or you might have to file an amended return.  The IRS will probably announce what they plan to do fairly soon after a bill is signed, but it might take many weeks for them to reprogram their computers and get set up for the changes. 

If the new child tax credit passes the senate what does that mean for me with 3 children? Also I already filed what would be my next step...

Assuming the Senat passes, and the President sign....

 

....the IRS would be giving directions sometime in the next few month(s).......but they won't do that until it's completely signed...and then the IRS takes a few weeks or a month to figure out how to handle it..

 

For those who filed early, I suspect they would reprogram their computers to figure any additional $$ and send separate refunds...sometime ???June-Sept??? as a wild guess.

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

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