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2020 Tax return

Level 3

Hello,

It sounds like Biden wants to increase the child tax credit to $3,000 (or $3,600 depends on the child's age) and also I know there is a discussion as for whether unemployment under $10,200 would be tax exempt.

My question is, what do you do? you tell you clients to hold off from filling until it will clear up? Do you tell them to file their taxes anyways and if there'll be a change the will file an amendment?

Thanks,

2 Replies 2
Level 3

Maybe, if this really happens, and maybe, if we cross our fingers, IRS will automatically calculate the change and send refunds accordingly. One can always hope.

Level 13

For the Child Tax Credit, I've seen ZERO indication that it would apply to 2020.  It would start in 2021.

For the unemployment, it seems very unlikely to me that will pass, at least not retroactively for 2020.