Can't efile until Child Tax Credit & a Senate vote on Tax Relief for American Families and Workers Act?

[Clayton4740]

I am just baffled that the government has put this off and delayed millions of families from filing their tax return because they can't get anything done in a timely manner.

When will they vote on the Tax Relief for American Families and Workers Act and I can file my taxes?

[DoninGA]

Just because the legislation has not passed Congress does not mean you have to delay filing your tax return.

Even if the legislation passes sometime this year and signed into law, there is no guarantee it will even apply to tax year 2023. 

If it does apply to 2023 it will take the IRS a month or two to change their forms and schedules for tax year 2023 to reflect the changes.  Then the IRS will have to write procedures for how to apply for the additional credit, which will also take some time.  So probably by the June timeframe something may be available.

[Clayton4740]

Well what I thought, even the director of the IRS has stated for people not to wait, but when I go to e-file at the end, there is no option to finish, just the following:

Step 3

Get ready to save and file your returns

The IRS hasn't finalized one or more of your forms. Once forms are finalized, you will be able to access this section.

[DoninGA]

@Clayton4740 Click on Review on the left side of the online program screen.  It should show the form that has not yet been finalized by TurboTax and the date it will be available.

[Clayton4740]

Form 5695

Residential Energy Credits

Thought was child tax credit hold up but isn't

This is a carry over from last year and no clue why it's on hold. 

Says "We're working on some updates due to law changes. We've saved your work and will email you as soon as everything's ready."

[DoninGA]

A residential home energy tax credit that was carried over from 2022 has to be reported on the 2023 Form 5695.

The form 5695 should be available tomorrow, 02/08, after a software update.

[Clayton4740]

Got ahold of TurboTax and found out hopefully today that form is finalized and updated on their system. Will see.