But an untold number of parents have found that their checks were missing the $500 child credits.
So what gives here?
Did the IRS just forget about your kid?
This post refers to stimulus checks issued in 2020. For the most up-to-date info, check out ourrecent tax articles.
Unfortunately, there are no quick fixes here.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
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The solution:The stimulus checks are anadvance on a 2020 tax credit.
They were calculated based on 2018 or 2019 tax information so that the payments could go out right away.
The solution:Claim the credit when you file your 2020 tax return next year.
Dependent children ages 17 to 23 dont qualify for the extra $500 credit.
And anyone who can be claimed as a dependent isnt eligible for a $1,200 check of their own.
Did you know?
Typically, its the custodial parent.
But it didnt automatically receive information about your dependents.
You had to submit their information using thenon-filer toolat IRS.gov.
SSI and VA benefit recipients had until May 5.
The IRS Screwed up
The IRS moved at warp speed to process these payments.
The solution:You guessed it: Wait until next year and file a 2020 return.
Robin Hartill is a certified financial planner and a senior editor at The Penny Hoarder.
She writes the Dear Penny personal finance advice column.
Send your tricky money questions to[email protected].
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