No extra $500 from Stimulus?

On my 2019 tax return I didn't file any dependents, cause at that time, I had none, however, my son was born in July. This means I won't receive the extra $500 for a dependent on the stimulus if it happens, correct? 

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  • 5 months ago

    That is correct.  You had to have that dependent on your 2018 or 2019 return.

  • 5 months ago

    Congratulations.

    The stimulus money that was sent earlier this year was actually an advance payment of a new tax credit on your 2020 tax return. So when you file your 2020 taxes there will be a new form that allows you to reconcile what you received upfront vs what you SHOULD have received, and as a result your tax refund will be $500 larger than it would have been if there had been no stimulus payment.

    You will also get the other tax benefits normally associated with having a child, such as the $2000 child tax credit (refundable up to $1400), and possibly head of household status or the earned income credit if you qualify for those.

    As for any future stimulus: we don't know IF there will be another one or what rules will be implemented for it. But its fairly safe to assume that if there is another stimulus it will work in a similar manner - any portion of a new stimulus payment that is for your dependent will probably not be sent with the upfront payment but you'd be able to claim it as an added credit when you file your 2020 return - that's IF there's another stimulus and IF congress doesn't do something weird like make it a retroactive credit against 2019 taxes or something. The amount you'd get for a dependent is still up in the air with proposals of anywhere from $500 to $2000 being thrown around. But at this point congress can't seem to agree on which useless pork spending is okay to add and which useless pork spending makes the whole thing a deal breaker, so it seems unlikely there will be another stimulus package anytime soon.

  • 5 months ago

    Not as part of the stimulus checks.  But you'll get it later, when you file your 2020 tax return (if you claim him then).

  • 5 months ago

    No.

    The IRS can only use the most recent data that it has which is your 2019 return.  The IRS does not know about your son.

    However, you will be able to claim the additional credit on your 2020 return next year.

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  • Anonymous
    5 months ago

    Not at this time.

    However, you can qualify for the $500 when you file your 2020 return in April 2021.

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