Other financial discussions

no worries - a lot of people are in the same boat (3.5 million children born in 2020!)

 

on the 2020 tax return, there is a 'settle up' section for the stimulus that will result in an entry on Line 30 of Form 1040.  

 

Just add your child to your tax return and any stimulus due you will calculate.  Note that the 2nd stimulus is not programmed in yet, but should be by the time the filing window opens at the end of January,

 

Also - two biggest mistakes people make when adding newborns to their tax return:

1) there is a question asked concerning the number of months the child lived with you.  there is a tiny instruction that is often missed stating that for newborns you are to answer 'the entire year' - 

2) the next question asks whether THE CHILD provided more than 50% of their own support, answer "no".

 

be sure to answer the stimulus questions that are at the END of the interview section of TT.

does that help?