Our twins were born last year in mid March. We did not receive the $500 stimulus checks but were told we could file that on our taxes this year. Is that accurate?

[haleymires]

Also, what about the current $600? Is that for children as well?

[xmasbaby0]

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.

[NCperson]

yes, at the END of the interview process, there are questions about stimulus.   When you are done, look at LINE 30 of Form 1040, the money for the new borns will be there ($500 each assuming your income makes your eligible) .  Note that currently TT is only programmed for the 1st stimulus payment and I suspect it'll be updated prior to the end of January for the 2nd payment ($1200 if you are eligible).