For the 3rd stimulus payment the IRS will send out payments to the American people in reference to their last tax return on file. If you haven’t filed yet, this 2021 tax season, for income tax year 2020, they are going to refer back to your 2019 income tax year, hence: most recent tax record on file in regards to the $1,400 direct payments. Each qualifying person and their dependents will receive $1,400. If they are not being claimed as your dependent in 2020, even if they file their own tax return this year, and as long as you have not filed your taxes yet (2021) for income in 2020, you will get the payment for this dependent. If they filed they will also be able to get their rebate credit in their refund, even though it was already paid out to the head of household. Moreover, the IRS stated they are not going to penalize anyone on over payments they received. Furthermore, there is another passage on this current recovery bill which is an advance child tax credit if you have dependents up to 6 years old ($3,600) and 7 - 17 year olds ($3,000) which, if the treasury department determines it possible, will send monthly payments in accordance to the tax payers 2020 income tax filed this year (2021) which will be over a 6months period, beginning this summer in July - December, for each dependent they claim on their current income tax return (2020 income) If they happen to make more or less this year, when they file in 2022, they will not have to pay any over payments back, however if they find that they’re entitled to more, if their family size or income changes this year, they will be able to claim and get a refund in 2022. This is a one time opportunity for family’s to get these tax credits, as the current tax bill is written. Of course all stimulus payments and tax credits, or refunds are subject to each individual’s unique situation, income, dependents and rather or not they’ve filed taxes in these recent years. This information is based on the most recent pandemic recovery bill signed into law March 2021. Hope this answers your questions or concerns.
