File taxes before stimulus passes if you had a child during 2020

[Mf1]

"If you file your 2020 tax return before the third stimulus bill is passed (likely by March 14), your 2020 baby will be included as a qualifying dependent, and you'll receive your full benefits as soon as the IRS begins sending them. As the bill stands now, a third check would have a cap of $1,400 per person and another $1,400 per qualifying dependent -- and this time around, the definition of dependent has been expanded to include dependents of all ages."

What happens if you don't file before the third stimulus check is sent? You'll still be able to claim the Recovery Rebate Credit to recoup payments from the first and second stimulus checks, but your dependent benefits for the third check will have to be claimed on your 2021 tax return, when you file next year.

https://www.google.com/amp/s/www.cnet.com/google-amp/news/parents-of-2020-babies-might-get-an-extra-1100-stimulus-check-heres-how/

[jackofall]

Thanks for this. If true, super important!

[PlatinumGuy]

"If you file your 2020 tax return before the third stimulus bill is passed (likely by March 14)

Schumer said it will pass this week. March 14 was the old deadline.

[yosefsv]

Schumer said it will pass this week. March 14 was the old deadline.

After it passes the senate it still needs to get back to the house and then to the presidents desk for his signature.

[zh cohen]

Is it enough to file, or does it have to be processed before?

[S209]

What about a child born in 2021

[simple26]

They are supposedly going to provide portals to claim the refundable CTC question is if they’ll add the ability to submit information for the 1400$ too

[dovy2]

If you got lots of unemployment.. don't rush to file yet.. my be able to deduct 10K of your AGI if the bill passes, so better with it out a bit

[zagguru]

if your income went up, also delay filing

[Jack out of the box]

Is it enough to file, or does it have to be processed before?

Processed.
https://www.congress.gov/117/bills/hr1319/BILLS-117hr1319eh.pdf page 452

[Shmulie]

Someone didn't receive any of the stimulus checks in the past (since 2019 income was too high), but in 2020 they had a drop in income so they will get the recovery credit when filing, now in 2021 they are again over the limit.

Will they get the $1,400 even though that is really a 2021 tax credit? If so will they get it automatically after filing the 2020 taxes?

[yelped]

Someone didn't receive any of the stimulus checks in the past (since 2019 income was too high), but in 2020 they had a drop in income so they will get the recovery credit when filing, now in 2021 they are again over the limit.

Will they get the $1,400 even though that is really a 2021 tax credit? If so will they get it automatically after filing the 2020 taxes?

I'm not an accountant, but based off the previous stimulus checks, they should file asap, because they will get it based off 2020, but won't be able to claim it based off 2021.

[Jack out of the box]

I'm not an accountant, but based off the previous stimulus checks, they should file asap, because they will get it based off 2020, but won't be able to claim it based off 2021.

Correct. But not guaranteed that they'll still make it in time for the determination to be made based on 2020.

[Lurker]

Correct. But not guaranteed that they'll still make it in time for the determination to be made based on 2020.

Would they have to "pay back" the credit after the fact when their 2021 taxes are filed and their income is over the threshold?

[yelped]

Would they have to "pay back" the credit after the fact when their 2021 taxes are filed and their income is over the threshold?

That didn't happen with the previous two stimulus acts.

[yelped]

Correct. But not guaranteed that they'll still make it in time for the determination to be made based on 2020.

Hopefully I will. I just filed taxes for 2020.

[S209]

Would they have to "pay back" the credit after the fact when their 2021 taxes are filed and their income is over the threshold?

AFAIK there is no payback provision.

[zh cohen]

Processed.
https://www.congress.gov/117/bills/hr1319/BILLS-117hr1319eh.pdf page 452

Thanks. Any updates on when the determination date is? It would seem that filing taxes now would be too late (I filed March 1st and am waiting for processing)

[Moshe123]

Are 2021 babies included in the stimulus for when taxes will be filed next year?

[Jack out of the box]

Thanks. Any updates on when the determination date is? It would seem that filing taxes now would be too late (I filed March 1st and am waiting for processing)

It usually takes 2-3 for processing if the tax return was submitted electronically.