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I received the stimulus check based on my 2018 taxes which did not include my child that was born in 2019. How can I get the $500 dependent tax break?
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June 13, 2020
9:32 PM
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Deductions & credits
You will get the additional $500 as a credit on your 2020 tax return.
June 13, 2020
10:42 PM
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Deductions & credits
The stimulus payment is based on your 2020 status, which there is no way possible for the IRS to know definitively until you file your 2020 tax return next year. The IRS just used the 2018 and 2019 tax returns as guidance, so as to get "something" out there to folks.
When you file your 2020 tax return next year, if you qualify to claim the dependent on your 2020 tax return and you actually "do" claim the dependent, then the treasury department will "settle up" with you at that time.
June 14, 2020
9:23 AM