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What Do I Do with Stimulus Money Received for Former Dependent
On 2019 return, we filed as married filing jointly and claimed two dependents.
In 2020, one of those dependents (son, 24) got married and will file his 2020 taxes as married filing jointly.
So in 2020, we will file as married filing jointly with one dependent (she's 21 and in college).
We just received $5600 in stimulus payment. Am I correct that $1400 of it was due to our son, who is no longer a dependent of ours? And what do we need to do with that extra $1400? Does it need to be returned to the IRS, and if yes, how do we do it?
Thank you,
Randy
March 17, 2021
8:31 AM