I was declared a dependent by my parent in their 2019 return and I am 21 years old so they did not received a stimulus payment for me. Now I want to submit my own return and it is asking if I received a check. If I say No, IRS is sending the $1,800 with my refund. Am I entitled to the $1,800? What should I do?
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If you are not their dependent in 2020, then you will likely qualify for the stimulus payment and the correct amount would be $1,800. The stimulus payment is based on your 2020 tax return, but checks sent out already were based on the 2019 tax return.
It is not clear how the IRS will handle this with respect to your refund, but it is clear that your parents will not have to pay back any stimulus payments they received.
You should go ahead and include the $1,800 on your return though, as that is what the IRS instructs you to do.
If you are not their dependent in 2020, then you will likely qualify for the stimulus payment and the correct amount would be $1,800. The stimulus payment is based on your 2020 tax return, but checks sent out already were based on the 2019 tax return.
It is not clear how the IRS will handle this with respect to your refund, but it is clear that your parents will not have to pay back any stimulus payments they received.
You should go ahead and include the $1,800 on your return though, as that is what the IRS instructs you to do.
Thank you so much. Did not realize it was dependent on 2020 income. Appreciate you answering so fast.
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