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A child born in 2021 cannot be entered as a dependent on a 2020 tax return.
You will be able to add the child as a dependent on the 2021 tax return to be filed next year. The 2021 tax return should have a section for requesting the third stimulus payment for the dependent born in 2021.
If he was born in 2021 you can not enter him on a 2020 return. He goes on next year's return.
We don't know how the IRS will handle it. They might setup a portal so you can update your info.
New 2021 3rd Stimulus payment, Unemployment and Child Tax Credit (scroll way down)
https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/00/1393859
The new Child Tax Credit is for 2021, next year, when you file 2021 tax. It also raises the cut off age from 17 to 18 and makes the credit $3,600 for a child under age 6.
Found 2 IRS articles
IRS new Child Tax Credit monthly payments May 17, 2021
Watch for updates here
https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021
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