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it doesn't matter ... the whole concept of the stimulus is really based on your 2020 tax return: income, dependents, filing status.
TT will calculate how much stimulus you are eligible for , then subtract what you received already. the remainder is due you as a credit on the tax return. If the result of that calculation is negative, you don't owe it back to the IRS!
that is the way the law was passed.
I can't answer why that occurred- what year was he born (2019 or 2020?)
however, there is a 'settle up' section on the 2020 tax return. Any stimulus due you will add to your refund.
does that help?
Thanks for the quick response. He was born in 2019. Would I still be able to do the ‘settle up’ section with him being born in 2019, or is that just for 2020 babies?
it doesn't matter ... the whole concept of the stimulus is really based on your 2020 tax return: income, dependents, filing status.
TT will calculate how much stimulus you are eligible for , then subtract what you received already. the remainder is due you as a credit on the tax return. If the result of that calculation is negative, you don't owe it back to the IRS!
that is the way the law was passed.
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