Yes. A child who was a dependent in 2020 but independent in 2021 can receive a Recovery Rebate Credit on their tax return even if their parents got a third stimulus payment for the child last year.
The IRS says: "No longer a dependent: Individuals who were claimed or could be claimed as a dependent on someone else’s tax return for 2019 or 2020 may now be eligible if they can’t be claimed as a dependent on someone else’s tax return for 2021."
See: Q C2. Not Eligible for Third Economic Impact Payments: If I wasn’t eligible for a third Economic Imp...
The parents don’t have to pay the money back.
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