topic How do I know that my daughter is claimed for child tax credit this year? in Deductions & credits

How do I know that my daughter is claimed for child tax credit this year?

nialove1212 — Thu, 31 Dec 2020 03:40:26 GMT

Stimulus and new babies born in 2019 and 2020

Re: How do I know that my daughter is claimed for child tax credit this year?

xmasbaby0 — Thu, 31 Dec 2020 04:01:01 GMT

You mentioned 2019 and 2020 --- what are you trying to do? Those are two different tax years that have to be prepared and filed separately. They cannot be combined in any way.

If you entered a child as your dependent and entered the income you earned from working then you can see child-related credits on your Form 1040:

Look at your 2020 Form 1040 to see the child-related credits you received

PREVIEW 1040

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

Child Tax Credit line 19

Credit for Other Dependents line 19

Earned Income Credit line 27

Additional Child Tax Credit line 28

Child and Dependent Care Credit line 31 (from line 13 of Schedule 3)

Re: How do I know that my daughter is claimed for child tax credit this year?

NCperson — Thu, 31 Dec 2020 12:35:08 GMT

if you question is solely about the stimulus, there is a 'settle up' section on the 2020 tax return related to stimulus. You'll be able to claim any money you are eligible for and did not receive (both stimulus payments) there. It will appear on Line 30 of Form 1040. Everyone with a child born in 2020 will have this issue.

Re: How do I know that my daughter is claimed for child tax credit this year?

goten62 — Thu, 31 Dec 2020 15:07:04 GMT

I am doing my taxes for this year online.
Daughter was born in 2020 and trying to claim the stimulus money for her during the 600 + 500 stimulus that we have received.
I did notice the did you receive the stimulus section. i know she was not claimed on 2019 taxes due to her being born this year, but how would i receive the money. When i enter how much we received for myself, wife, and 2 boys, it says everything looks good even though we are missing the 1100 for my daughter due to her not being on 2019 taxes.

Any help would be great

Re: How do I know that my daughter is claimed for child tax credit this year?

Critter-3 — Thu, 31 Dec 2020 15:07:48 GMT

The $600 will be added if you WAIT for the software to be updated for the new law ---- do not be in a big hurry to file this time. It will take some time for the IRS and the programmers to get the $600 into the 2020 software. If you wait until later in February you should be able to get it all in one swoop by using the recovery rebate credit.

The stimulus check is an advance on a credit you can receive on your 2020 tax return. If something went wrong or you did not get the stimulus check this year, you can get it when you file your 2020 return in early 2021—if you are eligible.It will end up on line 30 of your 2020 Form 1040.

https://www.irs.gov/newsroom/economic-impact-payment-information-center-topic-j-reconciling-on-your-...

https://www.irs.gov/coronavirus/coronavirus-tax-relief-and-economic-impact-payments-for-individuals-...

https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/00/1393859

At this point, we do not know yet what the new stimulus bill will mean in terms of changes to the 2020 Form 1040, software programming, software updates, etc., etc. Do NOT be in a hurry to file your 2020 tax return until more is known. It is never a good idea to file early, and it would be especially foolish to file an early 2020 return.

Re: How do I know that my daughter is claimed for child tax credit this year?

NCperson — Thu, 31 Dec 2020 15:15:07 GMT

@goten62 - one thing you mentioned..... while the $600 is surely not reflected in Turbo tax yet (for the programming reasons @Critter-3 noted), you should still see the $500 for the first stimulus as a credit on Line 30. You stated you are missing the $1100, but the way it's currently programmed you should only be missing the $600.

Re: How do I know that my daughter is claimed for child tax credit this year?

Critter-3 — Thu, 31 Dec 2020 15:16:05 GMT

Review the 1040 ... does the child show up in the dependent section and is the CTC box checked for her ? If not then in the MY INFO section and edit the child ... #1 error made when entering a newborn if failure to read this screen where you are TOLD exactly what to do ...

And it you did that one correctly the #2 error was on this screen where it asks if the CHILD paid more than 1/2 of their own support ( which would be almost impossible for a newborn without a large trust fund) ...

Re: How do I know that my daughter is claimed for child tax credit this year?

Critter-3 — Thu, 31 Dec 2020 15:19:18 GMT

You can peek at only the Federal form 1040 and the summary of the state info by going here:

1) lower- Left side of the screen...click to the left side of the "Tax Tools" text selection.
2) then select "Tools"
3) then select "View Tax Summary" from the pop-up
4) then back to the left-side and "Preview 1040"

Then hit the "Back" on the left side to get back to your tax entries.

To view your entire return using the online editions (including the state) before you file, you will need to pay for your online account.

To pay the TurboTax online account fees by credit card, without completing the 2019 return at this time, click on Tax Tools >>> Tools and then Print Center. Then click on Print, save or preview this year's return. On the next page, to pay by credit card, click Continue. On the next screen it will ask if you want Audit Defense, if you do not want this option just click on the Continue button. The next screen will ask for all your credit card information so you can pay for the account.