If you were claimed as a dependent on your parents' 2019 tax return, you will not receive stimulus payment. However, because the payments will be 2020 tax credits, if you are not claimed as a dependent for 2020, you should be able to receive the credit when you file your 2020 tax return.
Under the bipartisan coronavirus relief package, each adult will receive a stimulus payment of $1,200 and they will get $500 per child, for taxpayers who make less than $75,000 individually or $150,000 jointly.
However, no money will be provided for dependents who are older than 16, and these dependents are unable to claim the payment for themselves. The stimulus checks exclude older dependents, like college students or those who are disabled.
Legislation has been proposed that would make older dependents, 17 and 18 year-olds, college students and those who are disabled, eligible for the $500 payment.
If you were claimed as a dependent on your parents' 2019 tax return, you will not receive stimulus payment. However, because the payments will be 2020 tax credits, if you are not claimed as a dependent for 2020, you should be able to receive the credit when you file your 2020 tax return.
Under the bipartisan coronavirus relief package, each adult will receive a stimulus payment of $1,200 and they will get $500 per child, for taxpayers who make less than $75,000 individually or $150,000 jointly.
However, no money will be provided for dependents who are older than 16, and these dependents are unable to claim the payment for themselves. The stimulus checks exclude older dependents, like college students or those who are disabled.
Legislation has been proposed that would make older dependents, 17 and 18 year-olds, college students and those who are disabled, eligible for the $500 payment.
I was claimed as an adult dependent in 2019 on my daughters income tax. This year i want to file on my own as our finances have changed and because i need to file some interest payments.Is it ok to file my own as long as she nor anyone else doesn't file using me.
Yes, you should indicate in TurboTax that no one else claims you as a dependent if they are not qualified to do so.
Hello, I claimed my daughter in 2019 and she is not a dependent for 2020, turbo tax is saying she is eligible for a stimulus credit of $1800., is this correct?? I recently received the stimulus with te additional dependent amount, will this effect the amount of her credit??
Yes, the $1,800 credit is correct. If she is not a dependent in 2020, then she will receive the Recovery Rebate Credit on her 2020 tax return for the first and second stimulus payment. Generally, if taxpayers did not get a first or second round stimulus payment, and now they qualify due to a change in circumstance, then they would get a Recovery Rebate Credit. The credit is calculated into her overall tax refund and will either increase a refund or decrease the amount of tax owed.
Once her 2020 return is processed, she will receive the third stimulus payment of $1,400 automatically, if qualified based on her adjusted gross income (AGI). There is no provision in the law that would require you (who qualified for a third stimulus payment for your daughter based on your 2019 information) to pay back all or part of the payment.