@NCperson wrote:
@macuser_22 - I understand why you wrote that the child has to be born in 2004; it is logical given the payment is an advance on 2020 tax year... have you seen that written by the IRS anywhere?\
The IRS - no I have not.
I am referring to the law - §2201 of the CARES act that states in §a that this is a credit for the tax year beginning in 2020 and then §(a)(2) that states "an amount equal to the product of $500 multiplied by the number of qualifying children (within the meaning of section 24(c)) of the taxpayer."
The §24(c) referred to is the Child Tax Credit sections that says the child "has not attained age 17"
Since the "tax year' as stated in the CARES act is 2020 then to be under 17 the child cannot be born before 2004 (2020 - 2004 = 16).
(I say 2004 because that is easier than explaining that the child must be under age 17 at the end of 2020 just line the Child Tax Credit).
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
