If you enter the child as a dependent on the 2020 return AND you enter the amount you actually got in the advance stimulus payments AND your income is not too high on the 2020 return THEN any stimulus money you are entitled to will be on line 30 of the form 1040.
Unfortunately the reconciliation of the advance payments to the actual amount you are entitled to on the 2020 credit uses the 2020 INCOME figures so if you are over the limit to get the credit and you did not get it in advance (based on the 2018 or 2019 income limits) you will not get it now.
Here is a link with more information on the Recovery Rebate Credit.
A1. The eligibility requirements are the same for the Recovery Rebate Credit as they were for the Economic Impact Payments except that the credit eligibility and the credit amount are based on your 2020 tax year information. The Economic Impact Payments were based on your 2018 or 2019 tax year information.
Individuals who didn’t qualify for the Economic Impact Payments or did not receive the full amount of the recovery rebates as Economic Impact Payments may be eligible for the Recovery Rebate Credit based on their 2020 tax situation. If you received the full amount for each Economic Impact Payment, you won’t need to include any information about either when you file your 2020 tax return. You received the full amount if:
- Your first Economic Impact Payment was $1,200 ($2,400 if married filing jointly) plus $500 for each qualifying child; and
- Your second Economic Impact Payment was $600 ($1,200 if married filing jointly) plus $600 for each qualifying child .
If you either didn’t receive any Economic Impact Payments or received less than these full amounts, you may be eligible to claim the Recovery Rebate Credit based on your 2020 tax information and must file a 2020 Federal tax return.
Generally, if you were a U.S. citizen or U.S. resident alien in 2020, were not a dependent of another taxpayer and have a Social Security number that is valid for employment, you are eligible for the Recovery Rebate Credit. Your credit amount will be reduced if your adjusted gross income (AGI) is more than:
- $150,000 if married and filing a joint return or filing as a qualifying widow or widower
- $112,500 if filing as head of household or
- $75,000 for eligible individuals filing as a single or as married filing separately.
Your payment will be reduced by 5% of the amount by which your AGI exceeds the applicable threshold above.
You are not eligible for the Recovery Rebate Credit if any of the following applies:
- You may be claimed as a dependent on another taxpayer’s 2020 return (for example, a child or student who may be claimed on a parent’s return or a dependent parent who may be claimed on an adult child’s return).
- You do not have a Social Security number that is valid for employment issued before the due date of your 2020 tax return (including extensions). Some exceptions apply for those who file married filing jointly where only one spouse must have a valid Social Security number to claim RRC.
- You are a nonresident alien.
- You are an estate or trust.
Also, individuals who died prior to January 1, 2020 are not eligible for the Recovery Rebate Credit.