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tnmiller725
New Member

Should I wait to submit my taxes until the new increased child tax credit is updated in Turbo Tax? When will this happen?

 
2 Replies
DoninGA
Level 15

Should I wait to submit my taxes until the new increased child tax credit is updated in Turbo Tax? When will this happen?

There is no telling when or if this proposal is ever going to be passed and signed into law.   

No one knows how it will be handled by the IRS or even if it will be applied to a 2020 tax return.  It could be an advance tax credit from the 2021 return, just like the stimulus payments EIP1 and EIP2 were an advance tax credit from the 2020 tax return.

 

SweetieJean
Level 15

Should I wait to submit my taxes until the new increased child tax credit is updated in Turbo Tax? When will this happen?

Right. The new President has talked about it, but nothing is in the works yet.

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