Covid 19 stimulus check and baby

[Ninagirl7]

Hello-

I have not filed my 2019 taxes yet since I expect to owe money to the irs and I plan on filing them close to may or june of this year since the deadline was extended. I am projecting my agi to be under 75k for 2019 since I am self employed. 

In 2019 I gave birth to my baby girl and with that being said I will only receive a stimulus check for myself in the amount of $1200 and none for my baby since she was born in 2019 and not 2018. 
Irs will use my 2018 income to calculate the credit. Will this be reconciled in 2020  and will they make sure that I receive the $500 then for my daughter??

[Critter]

You are so misinformed ... first there is no reason to NOT file the 2019 return NOW and pay the balance due by 7/15 ... in the FILE tab simply choose to mail in the payment.  That will put you in line for the stimulus check where it is based on the 2019 info which does include the child.   So file ASAP. 

[Anonymous]

currently, it is expected that teh actual credit will be calculated based on 2020.  (you and a child under 17 it's worth a maximum of $1700) against that the advance will be subtracted.      if the credit is more than the advance  you'll either increase your refund or reduce the amount owed.  should the advnce be in excess of the calculated amount, it appears that you will not have to refund the excess or pick it up as income.   based on 2018 your advance will probably be $1,200.  if you file 2019 quickly enough you'll get the extra $500 for the child.  so the question is do you owe more than $500 for 2019.  if so I would delay filing also if you currently don't have the money to pay the balance.     

be aware of state filings if your state has an income tax.  many states have not yet extended the due date.  

[Critter]

EVEN if you owe on the return there is no reason to delay filing the return if it is ready to be filed  ... you do not need to pay until 7/15 but you CAN file NOW.   

[Ninagirl7]

I am just not ready to file the 2019 taxes yet so my question actually was that if I only receive a payment of $1200 for myself....will then the irs reimburse me with another $500 in 2020 tax year when i reconcile the payment ....they will understand that i never received a paymet of $500 for my daughter...please advise and thank you all for you input!!! 🙂

[Critter]

This is an advance of a 2020 credit ... if you are due more when you file the 2020 return you will get it then.... stop worrying. 

[Critter]

Do NOT let the fact that you owe on the return STOP you from filing ASAP  ... you can file now and pay later.