Stimulus Payment Qualifications

[lisasami]

I have been a full time graduate student and as a result I didn't have to file taxes in 2018/2019.  My parents claimed me as a dependent on their 2019 taxes.  They are not claiming me as a dependent on their 2020 taxes.  My 2020 AGI is approximately $25,000.  As I am doing my 2020 taxes on Turbotax software it determined I am both eligible for the first stimulus payment of $1200 and the second stimulus payment of $600 (so a total of $1800).  Is this accurate considering in 2019 I was claimed as a dependent on my parent's taxes?

[xmasbaby0]

Yes it is.   The stimulus sent out last year was an advance credit that you can get on your 2020 return.  So even if you could not get it based on a 2019 tax return, you may qualify based on your 2020 tax return.

[Plato]

I have done some research on this topic and found the following. I am not giving any tax advice, but just sharing my findings:

According to IRS Guideline on Recovery Rebate Credit , you are not eligible for the Recovery Rebate Credit if you may be claimed as a dependent on your parents' 2020 return.   The key word is "may".  It does not matter whether your parents actually claimed you as a dependent or not.  It all falls under the definition of a "dependent".  

In your case, "dependent" means a Qualifying Child per IRS definition?  Were you under age 24 at the end of year?  Did you provide more than half of the support you need for the year?  If you did provide more than half of the support  in 2020 (i.e. passing the Support Test), then you may be able to claim the credit.  

[xmasbaby0]

@lisasami Do you fit the criteria to be someone else's qualifying child or qualifying relative for 2020?   If you were under the age of 24 at the end of 2020 you may still be a qualifying child.

WHO CAN I CLAIM AS A DEPENDENT?

You can claim a child, relative, friend, fiance (etc.) as a dependent on your 2019 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?