Taxing Times: Could New Parents Get Extra Stimulus?

The video tutorial discusses the eligibility of newborns for stimulus payments, focusing on babies born in 2020. It explains that eligible parents can receive up to $1100 in extra stimulus cash if they meet income limits. The recovery rebate credit, authorized by the Cares Act, is available for new parents to claim. The video also outlines the qualifications needed to claim a dependent, such as being a U.S. citizen or resident alien with a Social Security number. Additionally, it provides guidance for taxpayers who did not receive their stimulus checks or received incorrect amounts, directing them to visit a website for more information on the upcoming tax season.

What is the maximum amount eligible parents can receive for a baby born in 2020?

• $500

• $2000

• $1500

• $1100

Which act authorized the recovery rebate credit for new parents?

• The CARES Act

• The Families First Act

• The Economic Stimulus Act

• The American Rescue Plan

What is a requirement for a dependent to be claimed using the recovery rebate credit?

• Must have a Social Security number

• Must be born in 2021

• Must be under 18 years old

• Must be a full-time student

What should taxpayers do if they did not receive their stimulus checks?

• File a police report

• Use the recovery rebate credit

• Visit a local tax office

• Contact their bank

Where can taxpayers find more information about the upcoming tax season?

• stimulushelp.org

• taxseasoninfo.com

• irs.gov

• visitnews.com/taxingtimes