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$1,100 Stimulus Bonus For New Parents
If you welcomed a new baby before December 31, 2020 you could qualify for an additional $1,100 Stimulus! See the CARES Act included a stimulus for each child of $500 round 1 and $600 round 2 so if you welcomed a little one in the year and did not claim them on your taxes yet you could see an increased tax return this year.
The Stimulus is actually the advance of a 2020 Tax Credit. Since the IRS wanted to give them out quickly it relied on 2018 and 2019 data so lots of 2019 babies were also left out of the automated payments. To get your $1,100 all you have to do is simply file your 2020 tax return. You want to make sure that your Tax Preparer, Accountant, or CPA is aware that you have not received the stimulus so that they can claim the Tax Credit for you. Looking for a new Tax Professional? At Opulence Financial Group we have a team of professionals to support you today!
Here are the income limits to see if you qualify:
$75,000 if you are single tax filer
$112,500 if you are Head of Household
$150,000 if you are Married and File Jointly
Looking for more info related to the 2020 CARES ACT check out the IRS website.
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