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Other financial discussions
The stimulus money you get for claiming your children is based on your 2020 tax return. When they hurried to send out checks last year they could not wait for people to file tax returns so they used either 2018 or 2019 information that was in the system already.
The stimulus was an advance credit that you can get on your 2020 return. If your 2020 income exceeds the threshold then you are subject to the phaseout of the amount you can receive---or you might not receive anything at all.
The IRS is not going to go back to use 2019. Sorry.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
‎February 16, 2021
5:25 PM