Parents who had babies in 2020 could receive an additional $ 1,100 in Stimulus Cash
As all parents know Babies are money suckers. Your endless need for food, clothing, and shelter will not dry up until at least 18 years. Unless your child becomes the baby food advertising icon, they are barely making any profits.
These human ATMs dispense cash based on a 2020 tax credit advance granted by the Internal Revenue Service due to the financial distress caused by the Coronavirus pandemic. The IRS may use data from 2019 tax returns to determine who the payment might apply to. But if your baby was born in 2020, you may not have got what you were entitled to.
Why $ 1100? The amount is actually the sum of both rounds of stimulus packages in 2020: $ 500 from the first wave and $ 600 from the second. Once you submit your 2020 return, babies born before December 31st of that year will be counted towards the refund credit. the money is deducted from the income tax owed for 2020. If you don’t owe taxes, the money will be part of any refund that you may be entitled to. If you were already paid $ 500 at the beginning of the year, you will be due $ 600.
Income limits are $ 75,000 for a single applicant, $ 112,500 for the head of household, and $ 150,000 for married couples making a joint statement. If you are confused about the process, it is best to contact a tax advisor. Let your baby work for you.