@tsubia93 - how many children are we talking about, how old are they on 12/31/20? Why did you write 'another $500'? It's $500 per child even those born in 2020.
But there is a weird twist that is not going to be very common. Let's say you have two children: a child that is 17 years old this year and a newborn, born in 2020. And since the payments from last spring were based on 2019 tax returns when the 17 year old was only 16, you may have received $500 for the older child in the spring. But now, when you go through the settle-up on Line 30, the 17 year old isn't eligible for the payment, but the new born is. So there wouldn't be an additional $500 for the additional child in this unique situation; you have one child that is under 17 as of 12/31/20 that is eligible for the $500 and you received $500 last spring..,.so nothing more is due.
is that what you are dealing with????????
@fanfare - not tracking with your comment....since all the stimulus calculations are based on the 2020 tax return (see Line 30 and the accompanying schedule to calculate it), anyone who qualifies for the stimulus who had a child in 2020 will get up to $500 on Line 30; obviously there was no way for the IRS to send that $500 earlier in the year when everything was based on 2018-2019 tax returns. I did find it somewhat humorous that the CARES act was signed into legislation in March, 2020 so even children not conceived on the date the Act was signed but are born by 12/31/20 will qualify their parents for the $500 on Line 30.
I agree with @xmasbaby0 - the two most common errors are 1) failing to input the child's social security number as well as 2) failing to mark the child as living with you for the whole year (look at the instructions on that screen CLOSELY), even though technically that isn't true since the child was born sometime during 2020.
