Eligible parents who had a baby in 2020 can qualify for up to $1,100 of extra stimulus cash, according to a MSN report. Children born before Dec. 31, 2020, will qualify for both stimulus payments if their parents meet income limits: $500 from the first check and $600 from the second round.
Democrats want to print more stimulus money
The child credits are subject to the same phaseouts based on income limits as payments for adults.
$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
To get the extra stimulus money for your baby, you will need to file a tax return and get the money the IRS owes you as a refund recovery credit.
The refund recovery credit is made possible by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Any eligible person who did not receive their stimulus checks can claim the Recovery Rebate Credit on a 2020 Form 1040 or Form 1040-SR.
Crash coming soon?
Government spending is out of control. The debt clock currently has the US approaching $27 trillion in debt and Congress wants to spend even more money.
Senator Rand Paul (R-KY.) blasted members of both parties for their run away spending. “If free money was the answer, if money really did grow on trees, why not give more free money? Why not give it out all the time? Why stop at $600 a person? Why not $1,000? Why not $2,000? Maybe these new free-money Republicans should join the Everybody-Gets-A-Guaranteed-Income Caucus? Why not $20,000 a year for everybody, why not $30,000? If we can print out money with impunity, why not do it?”
Paul went on to say that, “Last year the Federal Government brought in $3.3 trillion dollars and spent $6.6 trillion dollars. The deficit last year, a record busting $3.3 trillion dollars. If you’re looking for more COVID bail out money, we don’t have any. The coffers are bare. We have no rainy day fund. We have no savings account. Congress has spent all the money long ago.”