Parents who have welcomed a new baby in 2020 and haven't received an economic impact payment for their child as a depended could qualify for up to $1,100 of extra stimulus money according to an MSN report.
Children born between January 1st and December 31st of 2020 could qualify for both stimulus payments if the parents meet income limits: $500 from the first check and $600 from the second round.
Parents may have missed out on the extra cash because the Treasury and IRS used 2019 tax returns to calculate the automatic payments, which would not have included babies born in 2020.
The child credits are subject to the same phaseouts based on income limits as payments for adults.
- $75,000 if you’re a single filer.
- $112,500 if you’re head of household.
- $150,000 if you’re married and file a joint return.
To get the extra stimulus money for your baby (if you haven’t already received the dependent stimulus cash), you need to file a tax return and get the money the IRS owes you as a recovery rebate credit.
This is made possible by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Any eligible person who did not receive their stimulus checks can claim the recovery rebate credit on a 2020 Form 1040 or Form 1040-SR.