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Retirement tax questions
There are not really any benefits to the person who is being claimed as a dependent. All the benefits (if any) will go to the person who is claiming the dependent.
If you are being claimed as a dependent and you are required to file a tax return, then you may receive a lesser tax refund than if you had not been claimed. It all depends on your income whether your return is greatly affected by being claimed as a dependent.
However, with regard to the current stimulus payments that are being sent to taxpayers, if you are claimed as a dependent or eligible to be claimed as a dependent on another return, then you do not qualify to receive the stimulus payment. That is a definite drawback at this current time.
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May 1, 2020
6:20 AM
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