I had a child this year (July 2020) do I need to update my status to get the COVID stimulus? Or, do I wait until I file my 2020 return to update that information?

[bluedeb · Accepted solution]

You need to wait until you file your 2020 return to claim your child.  Your daughter would not qualify to receive a stimulus check for 2019 since she was born in 2020.  If your daughter qualifies for the stimulus check on your 2020 return, it will be added to your 2020 refund.

[VolvoGirl · Accepted solution]

That is only updated when you file 2020.  When you enter the child under My Info be sure to pick they lived with you the WHOLE YEAR since they were born in 2020.  

The first Stimulus Check is really based on 2020 tax return. Any amount you already got will be reconciled on your 2020 return line 30. If you didn't get a Stimulus Check (and qualify) or you qualify for more it will be added to your 2020 return. But the good news is if they paid you too much they won't take it back.

When you go through the federal review tab it will ask how much you got if any. Or to enter your stimulus payment in TurboTax, type "stimulus" (without the quotes) in the Search box, then click the link that says "Jump to stimulus."

[xmasbaby0]

You will claim your child who was born in 2020 on your 2020 tax return and use the recovery rebate credit to reconcile the amount of stimulus received.  There is no other way to "update" the fact that you had a child in 2020.  And....wait to e-file until late February so that all of the stimulus money goes into the 2020 refund.  The IRS will need time to change the forms for the 2nd stimulus.

[VolvoGirl]

I believe children born in 2020 will still qualify for the first stimulus payment.  This says....

"......plus $500 for each qualifying child you had in 2020. You received all your recovery rebate in 2020."

https://www.irs.gov/newsroom/recovery-rebate-credit 

If your child was born in 2020 see question 9. The first stimulus check was based on 2018 or 2019 and didn't include children born in 2020 but you will get credit for them on your 2020 tax return filed in 2021.
https://www.irs.gov/newsroom/economic-impact-payment-information-center-topic-a-eip-eligibility

[megan4383]

Thank you!