So, question for you guys, my wife and I now have four kids that we'll claim on 2021 taxes. Last year, although they didn't have the children and we did my wife's ex husband claimed her daughter (my step daughter) and my ex wife claimed my daughter. So, they got the stimulus for a kid they didn't have #1. #2 They will have these two on their 2020 taxes. So, when the IRS starts sending these monthly payments unless you opt out they will get these payments for the two girls. When we file 2021 taxes we will be claiming both of them. Does anyone know if the IRS will develop a tool to update what dependents will be on your 2021 taxes? If not, then we will get the full credit and then I assume those two will end up owing the IRS back that money? Does that sound correct?
makes sense, but since the IRS has not published rules yet, ,best to just wait and see what happens.
Also, while the credit is $3600 (under 5 years old), there is no confirmation that the monthly payments will begin in July.
Understood. I don't plan to do the monthly payments. I plan to opt out. I read that Supposedly they will create a portal to update dependent info for 2021 and opt out. If so, I'll make sure to do that. Otherwise looks like our ex's will be in for a surprise come filing season next year 🙂