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sunnyrose21
New Member

Does the CARES Act payment count as a stimulus payment? (Asked earlier but with better details this time)

In January to May of 2020 I was a full time student so I could be claimed as a dependent. Therefore I did not get the 1200 stimulus check. However, I received 1500 from the CARES act.
So when I am asked if I got a stimulus payment in 2020 do I say 'yes' and enter '1500' or 'no' and get 1200 as a tax refund?
And since I am no longer a student I can not be claimed as a dependent, so can I get the 1200 stimulus?
2 Replies
MSCO9241
Level 4

Does the CARES Act payment count as a stimulus payment? (Asked earlier but with better details this time)

the $1500 is not from the CARES Act. you would have gotten $1200 if not a dependent and your parents would have gotten the $500 if you were.  wait for the tax forms before you attempt to file for 2020.

can you claim that you're not a dependent on your 2020 return!   that depends.

you are a dependent if you are either a qualifying child or a qualifying relative.  it does not matter that you could be claimed but are not.

you are a qualifying child if all these tests are met
• you have the same principal abode as the other party for more than ½ the tax year. Temporary absences like for school are ignored
• If not a full-time student, under 19 at the end of the tax year. If a full-time student under 24 at end of tax year.
• you haven't provided over ½ your own support
• you didn't file a joint return unless there was no tax liability but merely filing jointly to facilitate refund of taxes withheld or estimates paid
or you are a qualifying relative if all these tests are met
> your related or if not lived with the other party for the entire year
• your gross income for 2020 less than $4,300
• the other party provided over ½ his support
• he isn't a qualifying child of another taxpayer

 

NCperson
Level 15

Does the CARES Act payment count as a stimulus payment? (Asked earlier but with better details this time)

the critical question is CAN you be claimed by your parents; not whether they WILL claim you in 2020.  See the difference?

 

If they CAN claim you in 2020, you are ineligible for the stimulus.

 

if they CAN'T claim you in 2020, you are eligible for the $1200.  In this case, just follow the questions in Turbo Tax and when you get to the end, there will be some questions to address toe stimulus.  The credit will appear on Line 30 of Form 1040.  It will increase your refund or decrease the tax you owe.

 

what is the $1500 you think you received from the CARES act - that doesn't resonate

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