Eligible parents who welcomed a new baby in 2020 and haven’t received an economic impact payment for their child as a dependent could qualify for up to $1,100 of extra stimulus money, according to an MSN report.
Children born between Jan. 1 and Dec. 31,2020 qualify for both stimulus payments if their parents meet income limits; it would work out to $500 from the first round and $600 from the second round, KTLA sister station WRIC in Richmond, Virginia, reported.
The reason why some stimulus check recipients may have missed out on the extra cash is that 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 for single filers
- $112,500 for heads of household.
- $150,000 for those married and filing a joint return.
To get the extra stimulus money for your baby (if you haven’t already received the dependent stimulus cash), you will need to file a tax return and get the money the IRS owes you as a recovery rebate credit.
The credit 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.