The third stimulus package just passed, and the child tax credit has changed for the year. I have already done my taxes. How will this affect us?

[srhryda23]

My wife and I make under 150k and have 2 dependents, one is 14 and the other one is  2

[AmeliesUncle]

No, the Child Tax Credit may change for 2021, not for the 2020 tax return that you already filed.

And no, it has not passed yet.  It just passed the Senate.  It needs to be passed by the House and the President now.

[DoninGA]

Until the IRS has written the regulations and rules affecting the changes to the tax code there can be no assumptions how it will affect anyone.  Depending on the complexity this can take anywhere from several weeks to several months before the tax code changes have been codified.

[dalana5150]

Actually the House passed it before it went to the Senate for a vote. All that's left is for the President to sign it into law. As far as the child tax credit goes I saw an article that said the money would be paid out in 2021 and could be taken in one payment or spread over the year. Guess we'll have to wait for the IRS and treasury department to issue some guidance. 

[ErnieS0]

TurboTax is keeping up with the latest for the third stimulus at American Rescue Plan: What Does it Mean for You and a Third Stimulus Check. Check back often for the newest developments.