My client has two more dependents she is claiming for 2020. The first stimulus was 1700 for her and one dependent the Recovery rebate credit is generating 1000 more due to her adding 2 more dependents than 2019 is this correct? Will the IRS rebate dependents who were born in 2020?
I found very interesting information such as yes they are allowed to receive the credit. It seems a bit messy to me since the other dependent she has is her grandson she started taking care of this past year. Which possibly someone already received the credit for this dependent from 2019.
"Which possibly someone already received the credit for this dependent from 2019."
Yes, of course. Along with the checks issued to dead people, because that's what happens when you base 2020 activity on 2019 data.
"Level Up" is a gaming function, not a real life function.
The payments were based on a "best guess" basis by our friends in Washington. However, there is no more guessing when the 2020 return is completed. Folks might be able to receive a bigger credit with the return, but on the flip side, if the guess was too generous, the taxpayer won't have to pay anything back.
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Just remember to wear your mask while you are riding on that rollercoaster🎢
I think they're suggesting that you should consider wearing goggles too. With the headwind coming, it may not be a bad idea. (This is the best emoji I can find) 😎
Still an AllStar