Jan 02, 2021 07:25 AM EST
Do you have a baby that was born before Dec. 31, 2020? If your answer's yes, here's an extra stimulus money tip (that you might not know of) that you can legally do.
Having a family amid Coronavirus pandemic is not the best choice to have. Each family will have more people, which also means that expenses could triple at the same time.
Here's a good news, though. If you had a baby before Dec. 31, 2020, you might have a chance to get an extra stimulus money from the US government.
Dependent children that are 16 years or younger, according to law, are entitled to receive stimulus money from the government-- that will be sent to their parents.
Thus, babies that are born before 2020 ends, along with parents that qualify income limits will have an extra $1,100 stimulus fund.
To get this: parents need to file a tax return and get it as a refund recovery credit. This rule also applies to adopted kids in 2020.
Unfortunately, not every parent can have this extra $1,100 stimulus money. They must first identify if their income is above or below the salary limit.
According to Nasdaq, for every $1 their parents earn above the limits, the payments will be reduced by $0.05. The limits are as follows:
Nasdaq also applied an example, in order to clearly understand the principle:
"Let's say you're married and file jointly with an income of exactly $150,000. Based on your 2019 returns, you would have gotten $2,400 for you and your spouse from the CARES Act, and you'll get $1,200 in the second round. If you have one child who was born in 2020 and your income doesn't change, your actual stimulus payments will be $2,900 and $1,800. You'll get the $1,100 difference as a credit when your tax return is processed."
Are you qualified for the extra $1,100 stimulus money?
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