(U.S.) – Parents who welcomed a child in 2020 may qualify for additional stimulus money.
Officials explained that the two rounds of stimulus checks were based on IRS tax returns filed in 2018 and 2019. Therefore, parents of children born in 2020 did not receive the additional $500 stimulus check last year.
Additionally, those parents can also claim the additional $600 stimulus for that child during the second round of stimulus checks currently being issued. Those interested in claiming the extra dollars need to file a tax return for the 2020 filing year. Then, they’ll receive the $1,100 as a refund recovery credit.
There are specific qualifications parents must meet, however, in order to receive the funds. Reports indicate that for every $1 a parent earns above the federally-mandates limits, the $1,100 stimulus will be reduced by five cents.