Our family had a similar issue, with our child born in December of 2020. We marked “1month” as the time the child had been living with us in 2020, and so only received the $500 tax credit, and did not receive the $300 monthly credit in July. However, we have recently been informed that we should have selected “12 months” for any child born in 2020. So we submitted an amendment to our 2020 taxes, making this change, and now will be receiving an additional refund.
Hopefully the above helps for your situation, but I also have an additional question. Since we amended our 2020 tax return to include our dependent child born in 2020, will we automatically start receiving the $300 monthly credit going forward, and for the credit that we should have received in July? Or do we need to take additional action with the IRS to communicate this update to receive the monthly credit? Or, will the monthly payments instead be given in a lump sum refund when we file our 2021 taxes?
thanks for any help.
