I currently have a dependent who now is independent and capable of taking care of themselves as of mid November 2020. I wish to remove them as my dependent. How would I do this? Do I wait until I file my 2020 tax return since it's practically right around the corner? I was hoping he would be able to get a stimulus this time around as well.
Wait until you file to remove him from your return. You changing it now would not even get to the IRS. The IRS will most likely process stimulus checks from what was on your 2019 return. Also, the IRS may have others ways to have tax payers update their status but right now there has been no information given.
Wait until you file to remove him from your return. You changing it now would not even get to the IRS. The IRS will most likely process stimulus checks from what was on your 2019 return. Also, the IRS may have others ways to have tax payers update their status but right now there has been no information given.
really nothing to do for the 2019 tax return
your child will be able to get the 1st stimulus by completing their 2020 tax return. Look at Line 30 of Form 1040 when its complete
as for the 2nd stimulus, no guidance yet on how that is to occur for those who were a dependent in 2019 and not a dependent in 2020. Stay tuned! .... and suggest your child not be in a hurry to file the 2020 tax return until the IRS explains what to do!