It is not a choice. If they meet the criteria to be claimed as dependents then they have to say on their own tax returns that they can be claimed---even if you do not claim them. The 18 year old can still be claimed as a qualifying child. The 20 year old *might* be a qualifying child IF he is a full-time student. If the 20 year old is not a full-time student then he might not be a qualifying relative dependent if he had over $4300 of his own income for 2020. If the 20 year old is not a dependent then he can get the recovery rebate credit and receive the 1st and/or 2nd EIP payments, and later on, the 3rd stimulus payment.
Read the criteria for claiming a dependent carefully and use the IRS tool to determine whether they can be claimed as your dependents.
WHO CAN I CLAIM AS A DEPENDENT?
You can claim a child, relative, friend, fiance (etc.) as a dependent on your 2020 taxes as long as they meet the following requirements:
Qualifying child
•They are related to you.
•They cannot be claimed as a dependent by someone else.
•They are a U.S. citizen, resident alien, national, or a Canadian or Mexican resident.
•They are not filing a joint return with their spouse.
•They are under the age of 19 (or 24 for full-time students).
- No age limit for permanently and totally disabled children
• They live with you for more than half the year (exceptions apply).
Qualifying relative
•They don't have to be related to you (despite the name).
•They cannot be claimed as a dependent by someone else.
•They are a U.S. citizen, resident alien, national, or a Canadian or Mexican resident.
•They are not filing a joint return with their spouse.
•They lived with you the entire year.
•They made less than $4300 (not counting Social Security)
•You provided more than half of their financial support. More info
When you add someone as a dependent, we'll ask a series of questions to make sure you can claim them.
Related Information:
•Does a dependent have to live with me?
•What does "financially support another person" mean?
•Can I claim a newborn baby?
IRS interview to help determine who can be claimed:
https://www.irs.gov/help/ita/who-can-i-claim-as-a-dependent
For your 18 and 20 year olds:
https://ttlc.intuit.com/community/dependents/help/when-do-i-have-to-answer-yes-to-being-claimed-as-a...
If you claim them as your dependents----they are both too old for you to get the child tax credit. But you get the $500 credit for other dependents for each one, and the 3rd stimulus payment for claiming each of them (if you are otherwise eligible to get the EIP payment). You may also get earned income credit for claiming a qualifying child dependent if your income earned from working makes you eligible for the EIC. And of course you can enter any medical expenses paid for them on your tax return if you itemize deductions. If they are full-time students then you are the one who gets the education credits on your own tax return.
**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.**
