An additional AN for family could entitle you to more money on your tax refund this year.
Families welcoming a new baby in 2021 may be eligible for a tax refund of up to $5,000.
Thanks to two tax credits in President Joe Biden’s $1.9 million aid package, parents can get more money if they meet eligibility requirements.
Parents can get $3,600 from the extended child tax credit and another $1,400 check for dependents.
Families can get both if the child is born in late 2021 and the new child is declared a dependent when they file taxes this year.
Most families received stimulus checks for $1,400 but these checks were before the 2021 tax credit.
This means that eligible parents can receive payment for their newborn when they file their tax return.
Tax filing season begins January 24. Parents are encouraged to follow up with letters from the IRS with important information about the child tax credit.
This helps ensure that their returns are correct as misinformation can lead to delays in checking refunds.
The deadline to file a tax return is April 18 for most people.
The IRS strongly encourages applicants to choose to make direct deposit via mailed checks.
If you’re using direct deposit, your refund can be sent to your bank account, prepaid debit card, or mobile app, as long as the correct account and identification number are provided. line.
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https://www.the-sun.com/money/4785229/family-irs-tax-refund-money/ $5,000 tax refund could be yours if you give birth in 2021