Children Born in 2021 Are Eligible for a Tax Credit From the Stimulus, According to the IRS.
People who have just become parents are not the only ones who may be eligible for the recuperation rebate credit, which can be applied to a variety of expenses.
People who are owed stimulus check money in the form of a tax credit, according to the IRS, include the following categories of people:
Families with children born in 2021 who claim the child as a dependant on their 2021 income tax return may be eligible for a Recovery Rebate Credit of up to $1,400 for this child in the form of a 2021 Recovery Rebate Credit if the child is listed as a dependent on the tax return.
It is also recommended that all eligible parents of qualifying children born in 2021 file a claim for the child tax credit, which is worth up to $3,600 per qualifying child born in 2021 and can be claimed on their 2021 income tax return, as part of their 2021 income tax return, as soon as they become eligible.
People who have added a dependent to their income in 2021 — such as a parent, a niece or nephew, or a grandchild – will face a larger tax burden.