COVID College Help

[LostInEmotion]

I am a full-time college student. I am under 24 years old. I live on my own and for 6 months out of 2020 lived in my college town in an off-campus residence. I relied on a Parent Plus Loan for 50%+ of my support. I utilize my parent's house as my primary residence for the purpose of mailing legal documents there however I did not live there physically for more than 6 months. I know I can be claimed as a dependent, however, my parents did not claim me in 2019, and will not claim me in 2020. 

Am I eligible for the COVID Recovery Rebate Credit?

I could really use the help as I did not receive the stimulus checks. I read somewhere that some college students may be eligible for this credit but when starting my tax return on TurboTax the RRC credit worksheet is nowhere to be found. 

My parents provided me no assistance other than the money from the Parent Plus Loan. Excluding this loan, I am financially independent of my parents. Due to COVID, I am unemployed currently, but I did work at the beginning of the year before the pandemic so I do have reportable income. It just does not exceed 50% of the amount of the loan refunded to me in August.

Thank you in advance for your help. 

[ReneeM7122]

Unfortunately, no, you are not eligible to eligible for the COVID Recovery Rebate Credit although your parents will not claim you as their dependent on their 2020 tax return.  This is because you can be claimed by them.

The IRS states on their website as follows:

You are not eligible for a payment if any of the following apply to you:

• You may be claimed as a dependent on another taxpayer’s return (for example, a child or student who may be claimed on a parent’s return or a dependent parent who may be claimed on an adult child’s return).
• You do not have a Social Security number that is valid for employment.
• You are a nonresident alien.
  The following are also not eligible: a deceased individual or an estate or trust.