If you or someone you know had a baby in 2020 listen up!!
If You Had A Baby Born In 2020, You May Be Eligible for $1,100 in Extra Stimulus Cash!! Great news, right?
Well, according to MSN, parents of babies born in 2020 may be eligible for $1,100 in extra stimulus cash being that both rounds of stimulus payments are an advance on a 2020 tax credit.
This means that even though most people will have gotten their money long before they file their tax returns for the year, parents technically qualify because they will have a dependent (new baby) on their taxes for 2020.
Children born between Jan. 1 and Dec. 31 of 2020 qualify for both stimulus payments if their parents meet income limits: $500 from the first check and $600 from the second round.
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.
If you haven’t 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 to get the extra stimulus money for your baby.
This basically means that it will either reduce your taxes owe by that amount or you’ll receive that amount in the form of a refund.
So, let everyone that had a baby in 2020 know!!