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Level 1
January 29, 2021
Question

Where do you enter the Economic Impact payments received for dependents?

  • January 29, 2021
  • 1 reply
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1 reply

Level 2
January 30, 2021

I also found those articles/links but it doesn't mention anything about a dependent child (newborn in 2020 specifically).  From what I am reading children born in 2020 could qualify for Stimulus based of parents income.  I haven't had any luck finding anything within Lacerte that generates the credit.  Any help would be appreciated.

Thanks,

Sean

qbteachmt
Level 15
January 30, 2021

"I haven't had any luck finding anything within Lacerte that generates the credit."

It's part of your answering the 1040 if they got EIP1 and/or EIP2. Both of those are Advance payments based on the projection for 2020. Having a qualifying child in 2020 means they likely will have a Difference between what they are now entitled to and how much they already received. And of course, this needs to Qualify, such as, meets the income limitation.

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