Parents of children born in 2020 are eligible for stimulus payments covering their dependents, if they meet the income requirements.
(CBS Detroit) — Kids are expensive. From diapers and daycare to clothes and college, the costs add up, and they add up fast. For parents who have lost jobs because of the pandemic, those costs become all the more burdensome given the loss of income. But new parents may be able to catch a break. Parents of children born in 2020 are eligible for stimulus payments covering their dependents, if they meet the income requirements. >>READ: Stimulus Check Latest: Will You Receive A Third Payment Later This Year? The $2.2 trillion CARES Act, passed back in March, provided $1,200 stimulus payments for adults and $500 for dependents under the age of 17. The $900 billion second stimulus package, passed at the end of December, includes $600 payments for adults and $600 more for dependents. Both stimulus payments are subject to income requirements that kick in above $75,000 in adjusted gross income for individuals, $112,500 for heads of household and $150,000 for married couples filing jointly. Above those amounts, the stimulus payment is reduced by $5 for every $100 of annual income until it phases out entirely.
