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You will enter your child as a dependent on your tax return. It is that easy. People did not get stimulus money for children born in 2020 when they rushed out the checks in 2020 because they could only use your 2018 or 2019 returns. The stimulus money was really an advance on a credit you get on your 2020 tax return.
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.
Is this separate from the normal child tax credit? And will it show up on the balance of the tax return or will it be separate?
you will see the stimulus payment on Line 30 of Form 1040...it will increase your refund (or reduce the taxes due). it is separate from the normal child tax credit (up to $2000)
DO NOT RUSH to file your tax return in January until the IRS explains to everyone how you are going to get the 2nd stimulus which your child is also eligible for.
Yes it is in addition to the Child Tax Credit. It will be on line 30 and either add to your refund or reduce a tax due.
Thanks! Will the app do this step automatically?
yes, it will do it automatically for the 1st stimulus - but you want to be sure you see the $500 on Line 30 of Form 1040.
.....stay tuned on how this will work on the 2nd stimulus (which is $600) ..
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