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gtrjay69
New Member

When will the TurboTax forms be updated from $2,000 to $3,000 for the Child and Other Dependent Tax Credit?

 
6 Replies
BillM223
Expert Alumni

When will the TurboTax forms be updated from $2,000 to $3,000 for the Child and Other Dependent Tax Credit?

Are you talking about the Child Tax Credit? 

 

This is being increased to $3,000 ($3,600 for children under 6) for tax year 2021, not 2020.

 

Please see Section 9611 in the American Rescue Plan.

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gtrjay69
New Member

When will the TurboTax forms be updated from $2,000 to $3,000 for the Child and Other Dependent Tax Credit?

Yes, thank you. 

However, when I spoke with a TT live chat person a couple weeks. She explained that it will go from $2,000 per child to $3,000 for 2020 so we can take advantage of it now (if we didn't file yet) instead of getting refunds/payments from July - Dec 2021. 

 

Is this the same thing or are there two programs? 

DoninGA
Level 15

When will the TurboTax forms be updated from $2,000 to $3,000 for the Child and Other Dependent Tax Credit?


@gtrjay69 wrote:

Yes, thank you. 

However, when I spoke with a TT live chat person a couple weeks. She explained that it will go from $2,000 per child to $3,000 for 2020 so we can take advantage of it now (if we didn't file yet) instead of getting refunds/payments from July - Dec 2021. 

 

Is this the same thing or are there two programs? 


There is only the tax code as written.  There are not two programs.

As written in the tax code - https://www.congress.gov/bill/117th-congress/house-bill/1319/text#toc-HB3932D87AB6840A6AE50E45116688...

 

SEC. 9631. REFUNDABILITY AND ENHANCEMENT OF CHILD AND DEPENDENT CARE TAX CREDIT.
DoninGA
Level 15

When will the TurboTax forms be updated from $2,000 to $3,000 for the Child and Other Dependent Tax Credit?

And -

 

SEC. 9611. CHILD TAX CREDIT IMPROVEMENTS FOR 2021.
Mike9241
Level 15

When will the TurboTax forms be updated from $2,000 to $3,000 for the Child and Other Dependent Tax Credit?

the law is for 2021. advance payments will start in july 2021

NCperson
Level 15

When will the TurboTax forms be updated from $2,000 to $3,000 for the Child and Other Dependent Tax Credit?

@Mike9241 - last I read, the IRS may not begin in July.  The law stated they were to send out payments 'periodically' and that may mean just once on your tax return.  the IRS states they are overwhelmed with work (new filing date, unemployment adjustments, advance tax adjustments, 3rd stimulus, etc.) and may not get the programming done in time to begin in July; the law does not require that start date. 

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