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Q. Can the parent that is claiming the dependent in 2020 claim the $500 on the 2020 tax return?
A. Yes. "In essence, the stimulus check acts as an advance of your 2020 income tax refund. This means when you prepare your 2020 income tax return, there will be a line to include the section 6428 credit. The credit on your 2020 return is subtracted by any amount received as a stimulus check in 2020. If the amount you received as a stimulus check is less than the credit you are due, the difference will be included as part of your 2020 refund. If you have been overpaid by receiving the stimulus check, however, you (or your ex) will not be required to return any excess amount".
Q. If so, is there a specific form that needs to be completed?
A. The 2020 forms are still being developed.
Thank you for your response! Can this credit still be taken on the 2020 tax return if the dependent was not claimed in 2019?
Q. Can this credit still be taken on the 2020 tax return if the dependent was not claimed in 2019?
A. Yes
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