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There have been a number of tax law changes in the last couple of years. Rest assured, TurboTax has your back. Explore new tools and information to better understand how the new laws could affect you. Plus, if you ever want to talk to an expert, we have CPAs and tax experts on demand to answer your questions.
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LATEST NEWS (updated 12/16):
You may have heard about upcoming federal tax proposals. Congress is still working through this and nothing has passed yet in the U.S. Senate. We are monitoring progress, continue to check back here for updates as
they happen. - More News
WE’VE GOT YOU COVERED
Key tax changes for your
2021 taxes
We understand that tax law changes may be a lot to take in. Not to worry, we’ve gathered the key topics to help keep you informed so you can have peace of mind.
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Child Tax Credit (CTC)
- The amount that families claiming the CTC receive increased from $2,000 to $3,600 for each child under 6 and $3,000 for each child
age 6-17. - The credit is now fully refundable – that means that you are eligible for the credit even if you don’t
owe taxes. - Monthly advance payments for this credit started sending in July 2021. These payments are in advance of this year’s
tax filing. - If you’re receiving these monthly payments, your tax refund next year may be smaller. Learn more
- The amount that families claiming the CTC receive increased from $2,000 to $3,600 for each child under 6 and $3,000 for each child
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Earned Income
Tax Credit- This credit was expanded for workers without kids and nearly tripled the maximum
credit amount. - Eligibility was also extended for a wider range of filers, now allowing taxpayers to qualify who are over 65 or between the ages of 19-25.
- Learn more
- This credit was expanded for workers without kids and nearly tripled the maximum
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Dependent Care Credit
- The amount families can receive on their 2021 tax return
has increased. - The credit is now fully refundable, meaning you’re eligible for the credit even if you don’t owe taxes.
- For families who pay for daycare for their dependents, this change can provide a great
tax benefit. - Learn more
- The amount families can receive on their 2021 tax return
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Unemployment
- Unemployment payments increased by $300 per week through September 6, 2021, but have since dropped back to normal levels.
- Temporary allowances for Self Employed, Freelancers and side giggers to receive unemployment benefits also expired September 6, 2021
- We’re here to
help you understand your unemployment benefits and any tax implications. Visit our Unemployment Center
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Self-Employed
- Extended refundable tax credits for sick leave and family leave through tax year 2021 for both eligible self-employed and small business owners.
- If you or a family member were impacted by coronavirus and you could not conduct your business, find out if you are eligible for the qualified sick and family leave credits using the Intuit Tax
Credit Estimator.
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College Students
- The American Rescue plan provided relief to students with government and federal student loans by allowing students with forgiven loan debt to exclude the discharged debt from their taxable
income for tax years 2021
through 2025. - The pause on Federal student loan repayment, interest, and collections was also extended until January 31, 2022
- Learn more
- The American Rescue plan provided relief to students with government and federal student loans by allowing students with forgiven loan debt to exclude the discharged debt from their taxable
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Investors
- Cryptocurrency transactions, like bitcoin, will be recorded and sent to you on a tax form beginning in 2024.
- This will ensure taxpayers can easily report their transactions at tax time without having to do the math on
their own. - Check out our Cryptocurrency
Tax Calculator.
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