You return the stimulus money. Yes it would be tax fraud. At the age of 17 you can still be claimed as a dependent on your parents' tax return. When the Form 1040X becomes available you will need to amend your incorrect tax return and pay it back. Meanwhile, since you said on your tax return that you could not be claimed, when your parents try to e-file, their return will be rejected and they will not be able to e-file this year. Your parents will have to print, sign and mail their tax return that rightfully claims you as their dependent.
You cannot amend a tax return that was just accepted. You have to wait for it to be processed by the IRS. Trying to send in an amended return while they are still processing the original return could confuse things and delay your refund for months.
Do not try to change anything on your return now. When you amend, your Form 1040X has to be prepared from the return exactly the way it looked when you filed it originally. You have to wait. Once your return has been processed you will complete a Form 1040X --- which is not yet available --- and submit it to amend the mistakes made when you filed your original return. It takes the IRS at least four months to process an amended return.
The 2020 Form 1040X does not become available until the end of March 2021 (subject to change).
https://www.irs.gov/forms-pubs/new-information-for-form-1040-x-filers
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
