My children are 25 and 21. I claimed them as dependents in 2018 but will not be in 2019 as they have both finished college in 2019. My husband and I make over $200k a year so we will not qualify for a stimulus check. Will my kids receive one? They both may less than $35k
You'll need to sign in or create an account to connect with an expert.
We don't know yet. It hasn't been signed yet and we don't know how it will work.
assuming they filed, they should get the $1200 because they COULD NOT be dependents on your 2019 tax return. Worst case is they will receive the $1200 as a credit on their 2020 tax return if they have not filed for 2019 yet. see below
I've come across more information on how these stimulus rebates will work. The link below is the best analysis I have come across and should help a number of those on this thread understand 'who claimed who' and how this appears it will settle out:
https://www.cbh.com/guide/alerts/cares-act-what-you-need-to-know/
(scroll down to "Recovery Rebates")
Basically, the stimulus payments are an advance against 2020 tax returns.
When we complete 2020 tax returns, we will each re-calculate the stimulus payments based on 2020 tax returns (income, qualifying children, etc).
Whatever that re-calculated number is LESS what you already received will be an additional credit on your tax return, which would increase your refund or reduce how much you owe. Let's say you didn't claim a child in 2019 but did in 2020 as an example that could create the credit
And here is the kicker, if that recalculated number is negative (meaning your stimulus payment was higher than you were really entitled to based on your 2020 tax return), YOU WILL NOT owe that money back. Let's say you claimed a child in 2019 who was 16 but in 2020 they were 17 as an example on how the recalculated number could be negative, (a 16 year old is a qualifying child for the $500 but the 17 year old is not eligible)
I recieved my stimulus relief money (via direct deposit),but it was only $1200. When claiming my 2019 taxes I claimed head of household and I have a son who turned 16 in Jan of 2020. I thought he qualified for the $500 but I only received $1200. How do I figure this out,and if they do owe my the $500,how do I retrieve the owed money?
@Bree76 - there are some articles on the internet that there have been errors. Not to worry, the worst case scenario will be that you'll get it on your 2020 tax return. Better case scenario is that the IRS comes up with a tool to report these errors on their website.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Jay733
New Member
Rowelax
New Member
confusedrf
Level 4
jarvfam01
Level 2
Karahj
New Member