If you had a baby in 2020, your little bundle of joy can bring you an extra little bundle of cash.
Because the new round of pandemic stimulus checks, and those in the first round, were based off of IRS tax returns filed in 2018 and 2019, the money parents receive does not reflect a baby born in 2020, according to MSN.
Children born in 2020 will qualify for additional cash for both rounds of stimulus checks if parents meet certain criteria. An extra $500 for the first round, and $600 more for the second round.
Parents who want the extra cash and had a baby in 2020 can claim their extra $1,100 by filing a tax return and you'll receive the money as a refund recovery credit.
However, there are limits in which parents will not get the extra stimulus money. According to the report, "For every $1 their parents earn above the limits, the payments will be reduced by $0.05."
Here are the limits:
- $75,000 if you're a single filer.
- $112,500 if you're head of household.
- $150,000 if you're married and file a joint return.
CLICK HERE for more information on how much you may receive.