Child Tax Credit 2024: Should you wait to file your tax return this year?

Congress is considering changes to the tax law that would include expanding child tax credits. That would mean a bigger refund for some families, potentially starting with the 2023 tax year.

The U.S. House passed legislation to expand refundable child tax credits starting with the 2023 tax year. It’s unclear whether the U.S. Senate will vote on or amend it. Tax filers who may benefit from the change may wonder if they should wait on word from Washington before filing their 2023 federal income tax return.

Duke Alexander Moore, a tax preparer in Dallas, said he is telling clients they don’t have to wait to file their returns. He said he expects the IRS to make adjustments if there is a change to tax law that may impact refunds.

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“You don't have to amend or redo your tax return in the event this does get passed,” said Moore. “The IRS is like, look, we have your data on file, if we feel like you qualify, we'll all go ahead and automatically apply credit to your account, or we will automatically issue a refund in the same method that you received your refund for 2023 - if you receive one.”

An IRS spokesperson said they couldn’t comment on pending legislation.

House Ways and Means Republicans published a press release earlier this year saying Congress has engaged with the IRS to streamline updates and taxpayers would not have to file amended returns. That is if there is a change to the tax law.

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