I filed my taxes this week. I claimed child tax credits for my kids. I saw on the news they might increase these credits as part of the next stimulus. If they pass the stimulus, can I file an amended return to get any additional tax breaks they include?
Judy
That would be for the return you file NeXT year
STEVEN F
If it passes, there will be NO REASON to amend your 2020 tax return, which is the one you just filed.
StephenWeinstein
It's unlikely that any stimulus that they haven't yet passed will be available on 2020 tax returns (what you just filed). Either it will be sent separately or it will have to be claimed on 2021 tax returns, which won't be filed until 2022.
Eva
You will have wait until the bill actually is signed into law and the IRS issues guidance on how it is to be handled. It's possible that the increase will not be retroactive to 2020. Don't jump the gun and file an amendment until the IRS announces that you can.
Wayne Z
Any increase in the Child Tax Credit will be for 2021 and not retroactive back to 2020.