Why Do New Parents Get an Extra $1,100?
Thesecond stimulus checkprovided families with $600 for each adult and dependent child 16 or younger.
So between the two checks, parents generally got $1,100 per kid.
This post refers to the 2020 tax season. For the most up-to-date info, check out ourrecent tax articles.
Both checks were anadvance on a 2020 tax creditthat were processed using 2018 or 2019 returns.
That just means youll get the extra moneyas a tax refund.
What Are the Income Limits?
Enough small talk.Here are some waysto earn extra cash, without all of the social stuff.
Checks phased out at 5 cents on the dollar for every dollar of income above these thresholds.
Do I Get $1,100 if I Adopted in 2020?
The same rules apply: File your tax return to get the money as a refund.
What if Im Not Married to My Childs Other Parent?
The parent whos claiming the child as a dependent for tax purposes receives the money.
I Didnt Get the Money for My 2019 Baby.
Did you know?
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
She writes the Dear Penny personal finance advice column.
Send your tricky money questions to[email protected].
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
