Child tax credir

[Ribguy13]

Should i file my taxes now or should I wait to see if the new child tax credit bill passes. Or will it change automatically?

[DanaB27]

You should file now. Even if the new law passes it won't affect your 2020 tax return.

Please see What is the Child Tax Credit? for information on the 2020 Child Tax Credit.

[bluedeb · Accepted solution]

The new $3,000 child tax credit has not been passed yet.  The information states that if it does pass, taxpayers would receive the amount monthly.  Nothing yet though is firm.

The legislation would provide $3,600 per child under the age of six and $3,000 per child age six through 17 for a single year. The full benefit is available to single parents earning up to $75,000 annually and for couples earning up to $150,000. Payments would phase out after those thresholds.

Families can receive the Child Tax Credit payments on a monthly basis, which advocates say would make it easier to pay their obligations compared to getting a lump sum at tax time.