Some Americans may have to wait until next year until they are able to take full advance of the recently passed coronavirus relief bill. Some people may not be able to fully benefit from several of the provisions such as the new child tax credit until a year from now when they file their 2021 tax returns.
Chief tax officer, Kathy Pickering at H&R Block stated "There is certainly relief that's coming right now and over the summer as part of the American Rescue Plan. And then there will be other provisions that people will file on their tax return next year to be able to get additional benefits."
At this time federal agencies are determining the timing on some of these measures. Other benefits that won't take hold until next year include the Earned Income Tax Credit and Affordable Care Act subsides.
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