Stimulus payments were advances on the Recovery Rebate Credit.
If you received the full amount of both stimulus payments (Economic Impact Payments), you won’t get any additional credit on your return this year since you’ve already received the full amount of the credit as stimulus payments.
If you didn't receive the full amount for your first or second-round stimulus payments, we'll help you claim the Recovery Rebate Credit when you file your taxes this year.
Here’s how:
It’s important that you enter the correct amount of each stimulus payment you received. The first stimulus payments were made between April and September of last year, while the second round of payments were delivered during January and February. You can find the exact amount,
Hello I’m curious, because I had a baby in 2020. It’s recognizing I got my correct amount of payments for my two dependents (first and second child) in 2019. In 2020, I had an additional child but I am not claiming my first child on my taxes his father is. Will I get the 1100$ for my new baby? Or because I still only have two dependents this year, it cancels it out?
It is going to cancel out. You will get credit for the new baby but when you enter the amount your received, it is going to show as correct since you are not claiming the other child that you received the payment for. However, dad will get the credit for the child he is claiming since he did not receive the payment for him, you did. Dad will only report what he received and his payment did not include a payment for the child, as it went to you. Congrats on the new baby! @Shellyshelly2