A new baby usually costs a lot of money, given the diapers, formula and new clothes for every growth spurt, but newborns may help entitle them to a $1,100 stimulus payment.
The IRS based payments on 2019 tax returns.
But what happens if you had a baby, or adopted a child, in 2020?
The stimulus is an advance of the 2020 tax credit, so children born before the end of 2020 will get both the payments from earlier in the year, as well as the one that is being distributed now, Nasdaq reported.
That means parents could get up to $1,100 per child either born or adopted in 2020.
There is an income limit that will decrease the payment by $.05 for every $1 that parents are over, Nasdaq reported.
The limits are:
- $75,000 for a single filer.
- $112,500 for the head of household.
- $150,000 if married and filing jointly.
But since the child or children were not listed on previous tax returns, you’ll have to file for 2020 and get a refund recovery credit, according to the report.
For more information on what you need to apply for the credit, click here.
To check on your payment status, click here.
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