Taxing Times: Could New Parents Get Extra Stimulus?
A tax credit is available to help families who never received stimulus money for new dependents.
When the IRS started sending out stimulus checks last year, one group was seemingly unaccounted for: newborns.
I’m not an expert, but we talked to lots of them, and asked: Can babies born in 2020 qualify for stimulus money?
“Eligible parents who had a baby in 2020 can qualify up to $1,100 for the extra stimulus cash. Children that were born before December 31st of 2020 will qualify for both stimulus payments if the parents meet the income limits," said Rhonda Collins, director of tax content and government relations at the National Association of Tax Professionals.
New parents can use the Recovery Rebate Credit, which was authorized by the CARES Act, to get it.
“There are qualifications to claim a dependent.”
In order to use the credit, the dependent you’re claiming must be a U.S. citizen or U.S resident alien, unable to be claimed as a dependent by another taxpayer, and have a Social Security number. It’s also a way for taxpayers who didn’t receive their stimulus checks — or were sent the wrong amount — to receive them.
For more information on the 2020 tax season, visit newsy.com/TaxingTimes.
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