After you file

The third stimulus check has no effect on your 2020 income tax return that you need to file.  

If you had your baby in 2020, then you may be entitled to the Recovery Rebate Credit.

The stimulus payment amounts issued in 2019 or in January 2020 were based upon your 2018 or 2019 income tax returns filed.

The amount of the Rebate Recovery Credit is based upon your actual 2020 income tax return you file.  Therefore, if you meet the criteria for the credit, you will receive it when you prepare your 2020 income tax return.

Please see the attached link for more information on who can claim the credit.

Recovery Rebate Credit eligibility

I recommend reviewing your input in TurboTax to ensure you are answering all of the questions to ensure you receive the credit if you are eligible.  

1. In the Federal section, select the Federal Review interview section at the top of the screen.
2. This will take you to the input section for the Recovery Rebate credit.
3. Be sure to indicate the actual amount of each stimulus payment you received on the page that asks if you received a stimulus payment. 
4. There will be two boxes and both need to be completed.  If you did not receive any stimulus payments, please indicate We didn't get a stimulus payment by checking that box.  Or input the amount of each stimulus payment you did receive.
5. You should receive a credit on Form 1040, Line 30 for any credit that you are entitled to.

There will be a similar Recovery Rebate Credit on your 2021 Income Tax Return if you do not get any of the stimulus payments issued in regards to your new baby if you have already received your third stimulus payment.

Reconciling third stimulus payment information for 2021 tax returns