Baby born in 2020? $1,100 could be owed to your family soon.
Have a baby born in 2020? You could have money sent your way.
Congratulations on your new addition! Keep reading if you had a child born anytime in 2020.
In March 2020, the congress passed a bill called the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act. Part of that bill included recovery rebates or stimulus payments to Americans.
The Stimulus 2.0 Bill, passed in December 2020, was over 5,000 pages long! The official name was the Consolidated Appropriations Act of 2021. Part of that bill included recovery rebates or stimulus payments to Americans that were in addition to the actions taken earlier in the year.
Stimulus 2.0: How does it affect your family?
Are babies born in 2020 eligible for a stimulus check?
If you had a new child who was born in 2020, then your family could be eligible to receive a payment for your new addition.
How can a child born in 2020 be eligible for a stimulus check?
The requirements for a child born in 2020 are really the same as if your child had been born in 2019. You’ll need to look at your tax return for your “adjusted gross income” or AGI. To get the full payment for a family filing taxes jointly, your adjusted gross income needs to be under $150,000. Over that income threshold, your amount is either reduced or eliminated.
You can check AGI on your tax return
What if we already received our payment for the rest of our family?
If you already received your check or direct deposit, this does not prevent you from receiving a payment for your newest family member.
How do I claim a stimulus payment for my child born in 2020?
When you go to file your 2020 taxes, you will have an opportunity to claim any additional credit amounts that you are due. If you are working with a qualified tax professional or most tax software providers, there should be minimal work on your part to claim any outstanding amounts you are due. If your income is in a range where your payment is reduced, this will also be reconciled as part of your tax return. The IRS has a page dedicated to some of these questions.
When will I receive the stimulus payment for my child born in 2020?
The timeline will be the same as for the rest of your tax return. If you are receiving a refund for other items on your tax return, expect the stimulus payment to be on the same schedule. If you’ve elected direct deposit, like most Americans do, that is way your payment or “check” will be transmitted.
Stimulus 2.0 Recovery Rebates and More
We help Christian families on their journey to financial freedom. If you would like more posts from us on how to balance what's truly important with your finances, please sign up for our free newsletter. If you’d like to hear more about how Intrepid Eagle Finance helps families manage their financial lives, click here to learn more and schedule a free consultation.