I claimed all three children on my 2019 tax return and received the first round stimulus check of $3900. My oldest is now 17, had some 1099 income for summer employment, and will owe a few hundred dollars. On his tax return, if he claims himself and reports $500 received from round 1, he will get $1,300 as a refundable tax credit resulting in a refund ($1800 less $500 received). But this means not claiming him as a dependent on my family tax return, which increases my tax liability slightly but the net is still positive overall. My income for 2020 would not qualify for any round 2 stimulus payment, so it seems the best route is to have my son file his own return, claim himself, and get the additional refund funds. Any downside to this strategy?
