Advice from Turbotax regarding 2021 Child Tax Credit Information Not Correct

[blw300zx]

It seems like Turbotax needs to get their software updated for the 2021 changes to child tax credit.  It told me I won't be eligible for my son who turns 17 this year....which ISN'T true.  

[DoninGA]

A child age 17 or older in 2020 is not eligible for the Child Tax Credit on the 2020 federal tax return that is being filed this year.

The Child Tax Credit changes will take effect on a 2021 tax return to be filed next year.

[blw300zx]

Yea, that's what I said.  They need to change it for 2021 - 

the software told me this at the end of filing my 2020 tax return  "This year you received a child tax credit for xxxx.  Since xxxx turns 17 in 2021 you won't be eligible for the increased child tax credit for xxxx beginning next year"

NOT CORRECT

[xmasbaby0]

Why are you getting in a stew about a 2021 tax return which you will not file until 2022?   The software will be ready for the 2021 tax laws when you are ready to file a 2021 return NEXT year.    Not sure where you think you saw incorrect information.    The new CTC law is NOT for your 2020 tax return.   The law changes for 2021.  As for the payments that begin in July, the IRS has not yet opened the portal for people to use for banking information or to enter which parent is claiming the child, etc. (in cases where that is an issue..)   

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 will 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...

https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021

https://www.irs.gov/newsroom/irs-unveils-online-tool-to-help-low-income-families-register-for-monthl...

IRS.gov/childtaxcredit2021, 

https://www.kiplinger.com/taxes/602921/child-tax-credit-update-irs-sending-letters-to-families-who-m...

https://www.kiplinger.com/taxes/602431/child-tax-credit-2021-who-gets-3600-will-i-get-monthly-paymen...