I just claimed my adult son as a dependent on my 2020 return. With the new stimulus law just signed, we are not eligible for stimulus, but would be if we did not claim him. Claiming him as a dependent makes him ineligible.
How can I amend my return to remove him as a dependent?
Is there a timetable for TurboTax to have the amended section (for form 1040x)? How long would it be for him to receive his stimulus?
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Why do you think you will not receive the third stimulus payment if you claim your son as a dependent?
IRS website for the third stimulus payment information - https://www.irs.gov/newsroom/more-details-about-the-third-round-of-economic-impact-payments
Those eligible will automatically receive an Economic Impact Payment of up to $1,400 for individuals or $2,800 for married couples, plus $1,400 for each dependent. Unlike EIP1 and EIP2, families will get a payment for all their dependents claimed on a tax return, not just their qualifying children under 17. Normally, a taxpayer will qualify for the full amount if they have an adjusted gross income of up to $75,000 for singles and married persons filing a separate return, up to $112,500 for heads of household and up to $150,000 for married couples filing joint returns and surviving spouses. Payment amounts are reduced for filers with incomes above those levels.
Because we exceed the AGI maximum allowable, thereby making him ineligible based off our earnings.
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