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Have a child in 2020? Here’s how to add to your stimulus checks – That’s Rich! recap

Read more at www.cleveland.com

CLEVELAND, Ohio – If you added a dependent child through birth or adoption in 2020, you’re likely entitled to larger payments from the two stimulus packages passed by Congress last year.

This is because the payments already sent out in most cases were tied to information the IRS had in hand from your 2019 or 2018 tax form. But the law permits you to receive amounts based on the number children you had under the age of 17 by the end of 2020.

Each child increases stimulus payments for their parent or parents by $500 in round one and $600 in round two. If you had more dependents than in previous years, you can claim the extra amounts in filing your 2020 taxes this winter or spring.

The calculations are made on the Recovery Rebate Credit Worksheet that is part of this year’s filing instructions.

Read more in-depth: That’s Rich! the personal finance column at cleveland.com and The Plain Dealer, provided more details about this and other special situations at this link – Here’s how to claim missing or bigger stimulus payments in filing 2020 taxes; young adults, new parents, others may now qualify.

Previous That’s Rich! columns

Here’s why some Ohioans are still out PUA unemployment benefits from December

IRS confirms stimulus payments will be issued for people who died in 2020

With bank CD rates so low, where can I park my savings to make at least a little interest?

President Biden extends student-loan breaks through September; here’s what to consider even if you can afford to keep paying

Compare Greater Cleveland, Akron property tax rates, and learn why they have changed this year

Here’s how to make a case to lower your property tax bill

Cuyahoga County home prices in 2020 up more sharply than at any time since the housing bust; see details for each town

$200,000-plus is now the norm for homes in Cleveland’s Detroit-Shoreway, Ohio City and Tremont neighborhoods

What you need to know about the new stimulus checks, and $300 extra weekly in unemployment benefits: Q&A

2021 personal finance calendar: key dates for tax documents, student grants and loans, Obamacare, Medicare and more

‘Tis the season for the stock market’s typical ‘Santa Claus Rally’

7 end-of-the year money-saving ideas: picking tax brackets, IRA withdrawals, loan refinancing, more

Extended warranties are free with credit cards; don’t waste the benefit

Is a gift card the right gift? Some ideas, cautions, and protections to know under the law

You can go to college tuition-free if you’re 60 or older by auditing classes in Ohio

How to be sure you’re getting a fair deal on auto insurance during COVID-19 with traffic, accidents down

Is your budget tight during coronavirus? See these tips to help you cope, now and in the long run

How to avoid scams; newest fraud tricks; can payment be stopped?

Organize your financial records in case you get sick – a reader Q&A

Explaining Ohio’s maze of city income tax rates and credits, and why you should log where you’ve been working

With mortgage rates at historic lows, should you join the rush to refinance? – That’s Rich!

Ohio has $3.2 billion in unclaimed funds; find out if some of that money is yours – That’s Rich!

Roth retirement plan or traditional IRA and 401(k) plans? Is this the time to adjust your thinking?

Taking college classes online? Here’s how students can save a lot of money

Does it make sense to pay off your mortgage early? Here’s what to consider

CARES Act makes this ideal time for a student-loan payment checkup

What you need to know to get an unemployment check in Ohio

Rich Exner, data analysis editor, writes cleveland.com’s and The Plain Dealer’s personal finance column – That’s Rich! Follow on Twitter @RichExner.

Email questions and suggestions to [email protected]. Include your hometown and first name for publication. And to help me sort through the clutter of my email box, try to remember including “That’s Rich!” in the subject of the email.

Read more at www.cleveland.com

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