@LMills7170 wrote:
So in 2020, I don't claim my adult friend as a dependent b/c he doesn't live with me the entire year. Will there be a 2021 stimulus check and since he couldn't be claimed as a dependent on anyone else's taxes then he'd more likely be eligible in 2021? If yes, then there is my answer. He'd just have to wait until next year.. that way i can give him his full $1200 now from my funds, form an agreement of repayment and recover it in 2021. Let me know if there will be a 2021 stimulus. All i need to know.
Yes. The stimulus is actually a 2020 stimilus based on the 2020 tax return that has not been filed yet. What is happening now is an "advanced" payment based on the 2019 tax return. The actual stimulus amount will be determined and paid when the 2020 tax return is submitted if not pre-paid now. Anyone receiving the advanced stimulus who is due more based on the actual 2020 tax return will receive an adjustment.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
