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jetpilot8
Returning Member

Will TurboTax be updated to reflect the $3000/$3600 vs. $2000 child tax write-off that was just introduced? Do I wait to file?

 
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xmasbaby0
Level 15

Will TurboTax be updated to reflect the $3000/$3600 vs. $2000 child tax write-off that was just introduced? Do I wait to file?

Yes---TurboTax will update for that when you file your 2021 tax return.  That increase is not for 2020----it is for 2021.

 

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 may 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.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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2 Replies
xmasbaby0
Level 15

Will TurboTax be updated to reflect the $3000/$3600 vs. $2000 child tax write-off that was just introduced? Do I wait to file?

Yes---TurboTax will update for that when you file your 2021 tax return.  That increase is not for 2020----it is for 2021.

 

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 may 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.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

View solution in original post

jetpilot8
Returning Member

Will TurboTax be updated to reflect the $3000/$3600 vs. $2000 child tax write-off that was just introduced? Do I wait to file?

Great, makes sense - thank you for your help and valuable time to answer!

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