Child Tax Credit
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RJG0307
Level 2

Child Tax Credit

Hello:

 

My daughter had a baby in December 2020 and her and her husband earning income for 2020 is $134,596.  Why is the child tax credit only $500?

 

Please advise and thanks,

Ray Gorman

6 Replies
xmasbaby0
Level 15

Child Tax Credit

Did she enter the baby's Social Security number?   For a newborn you have to say in My Info that the child lived with you the whole year.      In order to get the child-related credits you must say that for a new baby even if the child was born on December 31.

 

 

Children born in 2020 were not included in the 1st stimulus because those checks were based on 2018 or 2019. No one got stimulus money for babies born in 2020 because the IRS did not know about those babies or have their SSN’s. But on your 2020 tax return you can claim your child born in 2020 for the stimulus money, as well as the other child-related credits.  You enter your new dependent in My Info.  When you go through the screens in My Info make sure to say your child lived with you the WHOLE year.  When it asks the oddly worded question about whether your child paid for over half their own support say NO.

 

  

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 in 2020, you can get it when you file your 2020 return in early 2021

The Recovery Rebate Credit will be found in the FEDERAL REVIEW section. ( you should see "Let's make sure you got the right stimulus amount”)  If you are eligible it will end up on line 30 of your 2020 Form 1040.

 

Make sure that you enter ALL of the stimulus money received for the 1st ad 2nd stimulus for yourself, your spouse and your children.

 

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

 

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

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

**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.**
RJG0307
Level 2

Child Tax Credit

Hello:

 

She said she did put in her son's social security number, and she is telling me that turbo tax is asking how many months he lived with them.  What number should she put in?  She has told me she received all the proper stimulus money.

 

Please advise and thanks

Ray Gorman

xmasbaby0
Level 15

Child Tax Credit

Again----she has to choose that the child lived with them the whole year.   If she put in less than the whole year that is what is keeping her from getting the child tax credit.

 

Whole year is right at the top of the list when you choose how long the child lived with you.

**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.**
RJG0307
Level 2

Child Tax Credit

Hi Xmasbaby:

 

She can put the whole year even though the child was born on 12/12/20?  I just wanted to clarify that.  I apologize if I misunderstood you

 

Thank you,

Ray Gorman

xmasbaby0
Level 15

Child Tax Credit

Yes  I  keep telling you that.    She has to say the child lived with her the whole year.   She is allowed to say that for a newborn.

**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.**
RJG0307
Level 2

Child Tax Credit

Hi Xmas Baby

 

Thank you for your time.  I appreciate your help.

 

Ray Gorman

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