In TurboTax the 2020 stimulus is not applying to a child we had in 2020. Do I need to do anything different to make sure we get the stimulus for the new child?

[Sakodax]

We got out $1200 for each of us and $1000 for out first two kids totaling $3400, but had a child in 2020. Im assuming we should get another $500 for our 3rd child born in 2020 on our taxes because  it was based of 2019 taxes. When TurboTax asks how much we got in 2020 it says $3400 is correct.

[DoninGA]

The 2020 TurboTax software has not yet been updated for the second stimulus.  After the IRS updates and finalizes the Form 1040 instructions and calculations then TurboTax will be able finalize the Form 1040.

[NCperson]

remove the 2nd stimulus dollars from the question about how much money you received... does the correct answer for the 1st stimulus now reflect the newborn? 

[Opus 17]

Your child must have lived with you more than half the year -- pick "all year" unless you are divorced or separated from the other parent.  "All year" is the correct answer for a newborn.  Also, the child must have a social security number.  If not, don't file your return until you receive the SSN, even if you have to file late.  You won't get any tax credits if you file without the SSN, and if you must wait and file late, you must also request the extension, or else you won't get the credits.

Then, the credits are figured on line 30, but Turbotax has not been updated yet.  Try again after January 7. 

[Critter-3]

No one got anything in 2020 for a child born in 2020.  The IRS did not know about babies born in 2020.  They used information from your 2018 or 2019 return---before your child was born.

Children born in 2020 were not included in the 1st stimulus because those checks were based on 2018 or 2019.  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 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

We know that the IRS is already revising the 2020 Form 1040 to include the 2nd stimulus, but that change will entail a lot of re-programing at the IRS and for the tax software programs.  It may be at least a month — or longer— before the forms are changed.  Do NOT be in a hurry to file your 2020 tax return until more is known. Give some extra time to the IRS and the software programmers so that the software can handle the new 2nd stimulus, so that you can get it all by filing ONE time. You will need to visit the recovery rebate section AFTER the form and software revisions are complete in order to do this correctly. It is never a good idea to file too early; filing your 2020 return too soon may result in a lot of extra confusion that can be avoided if you wait and file a little later.