I have a question on the stimulus payment and the credit for missed payments on the Form 1040 for year 2020. Client claimed son 1 on 2019 taxes. Client received both stimulus payment for the correct amount based on 2019 Form 1040. Client and ex-wife alternate claiming son on tax returns. Ex-wife claimed son on 2020 return. Client and current wife had son #2 in 2020. How would client claim additional stimulus for son # 2 on 2020 tax return Form 1040? Since total exemption on 2020 Form 1040 would match up from 2019 return.
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How would client claim additional stimulus for son # 2 on 2020 tax return
They don't.
Everything on the RRC worksheet is based on the facts on 12/31/2020. Assuming there are no income limitations, your client and current wife are entitled to an EIP1 of $2,900 and an EIP2 of $1,800 (assuming Married joint on returns and one QC under age 17). They already received that amount - correct???? It is irrelevant that the prepayment was generated with a different child - they've gotten what they should - this is a 2020 tax year credit.
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