Stimulus and tax?
Grandson born January 14, 2020 has not received any stimulus benefit(s). Should he have gotten something? In filing their 2020 tax return are his parents able to receive a tax credit ($3k) on all of the 2020 Federal tax forms ? They jointly gross about $85k/year and last year (2019) filed the long form despite owning their own home.
Terry Says
The baby will qualify for both $1400 and the $3,000 credit when the parents file their 2020 return — assuming their joint income is under $150,000 They can also file for the original $500 stimulus from last year on Line 30. Get some good tax help in preparing the return, and be sure they file electronically and put in direct deposit banking information. And then consider putting some of that money in a 529 college savings account for the child!!
