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.
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?
@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-HB3932D87AB6840A6AE50E45116688CB1
(a) In General.—Section 21 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:
“(g) Special Rules For 2021.—In the case of any taxable year beginning after December 31, 2020, and before January 1, 2022—
And -
(a) In General.—Section 24 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:
“(i) Special Rules For 2021.—In the case of any taxable year beginning after December 31, 2020, and before January 1, 2022—
the law is for 2021. advance payments will start in july 2021
@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.