@Aqharris wrote:
I understand what you are saying. I am a CPA myself and understand how it should work but just explaining that it isn’t working correctly. In the federal review section it tells me I received the correct amount of stimulus. But the third child was not included in the amounts received since it was based on 2019 so I should be getting her portion of stimulus now when I file my tax return.
The Recovery Rebate Credit is based only on your 2020 federal tax return, your filing status and your 2020 AGI.
The Credit phases out once your 2020 AGI is greater than -
• $150,000 if married filing jointly or qualifying widow(er)
• $112,500 if head of household
• $75,000 if single or married filing separately
If you are eligible to receive the Credit then the child born in 2020 will be eligible for the 2020 credit of $500 for EIP1 and $600 for EIP2.
Delete the child as a dependent and re-enter.
IRS Recovery Rebate Credit website - https://www.irs.gov/newsroom/recovery-rebate-credit
Economic Impact Payments were based on your 2018 or 2019 tax year information. The Recovery Rebate Credit is similar except that the eligibility and the amount are based on 2020 information you include on your 2020 tax return.
