Apologies...I probably didn't do a very good job trying to ask for direction/interpretation. There are actually at least two questions/issues n my circumstance:
- I have an adult child currently living @ home. The child is 29 and out of work. And thus, I have been providing at least 50% of the child's support.
- In TurboTax, my tax history brought the child forward on import but due to age and no longer in school...did not qualify as a dependent as "child tax credit" but did qualify as "credit for other dependents" (in the DEPENDENTS section). I assumed that designation is related to the MAGI family calculation on any premiums to be returned on the ACA health insurance plan (that only I was on for 4 months in 2020) as well as EIC. If I change the child's status by stating that I did not provide more than 50% of support; all but a nominal amount of my ACA premium reimbursement and all of my EIC are eliminated from my return (I am retired with all income via SSA and other sources).
- The first question - Is it appropriate that the adult child can still count toward the family headcount credit on FORM 8962 and for the EIC while being too old for child tax credit?
- 2nd question - Assuming it is appropriate that the adult child's inclusion on my tax filing for those purposes, what is in play on the COVID stimulus payments for this adult child?
- This child had zero adjusted gross income for 2020 and has not received any stimulus payments for 2020 at this point.
- If it appropriate for this adult child to file the federal tax form, with zero taxable income in order to receive the appropriate stimulus amount, is it appropriate for this individual to be also included (with their tax id) on my federal tax form for credit as "credit for other dependents"?
If it is a question of one or the other, there is more benefit for receipt of the stimulus for the child rather than the small EIC and return of ACA premium payment via my tax filing.
Thanks
