May 4, 2020

2020 – 05/04

How does the IRS define “qualifying child” in relation to Economic Impact Payments (EIPs)? Under the Coronavirus Aid, Relief and Economic Act, eligible taxpayers can receive an additional $500 per qualifying child. According to the IRS, a qualifying child is: your child, stepchild, eligible foster child, sibling, half sibling, step sibling, or descendant (such as your grandchild, niece or nephew). Also, you must claim the child as a dependent on your tax return; the child must be under age 17 at the end of 2019; must be a U.S. citizen, U.S. national, or U.S. resident alien; and have a valid Social Security number or taxpayer ID number. Here’s more: