Parents of a child born in 2021 might be owed $1,400 by the Internal Revenue Service (IRS), according to a news release by the agency. This is because the third round of stimulus checks that went out to eligible individuals in 2021 had their amounts calculated based on the number of dependents claimed on their 2019 or 2020 tax returns. If you had a new child in 2021, your third stimulus check may have been for less than it should have.
And this isn’t just limited to new parents—it includes anyone who added a new dependent in 2021, such as a parent or grandchild. If this describes you, you could be owed additional stimulus money from the IRS.
The IRS says that, in order to get your missing money, you’ll need to claim the Recovery Rebate Credit on your 2021 tax return, as it’s no longer issuing stimulus checks. The IRS just started accepting 2021 tax returns earlier this week. You can view a list of people who may be eligible for the Recovery Rebate Credit here. If you think you qualify, talk to your tax professional to make sure you get the credit you deserve.
And as always, the IRS is urging all taxpayers—including those eligible for the Recovery Rebate Credit—to file electronically in order to get any refunds or credits owed to them as quickly as possible.