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If your 24th birthday was before December 31, 2019, then your parents can't claim you as a dependent unless you earned less than $4200 AND they provided more than half your support.
If that is true, then filing a tax return will not get you a stimulus payment, you are still considered a dependent and your parents would get a $500 payment as part of their payment.
If you earned more than $4200, then reporting your income will make you not their dependent any more, and you will probably qualify for your own check. But your parents will have to amend their tax return to remove the dependent claim and pay back a $500 tax credit they probably got for claiming you as a dependent.
Does that include if I am a college student?
@jacksonmajors wrote:
Does that include if I am a college student?
To be considered a "qualifying child" dependent, you must be under age 19, or under age 24 while also a full time student. If you are 24 or older, you can't be a qualifying child dependent unless you are permanently disabled and unable to perform gainful work.
To be considered a "qualifying relative" dependent, you can be any age and any student status, but you must meet the income test (you earned less than $4200) and the support test (someone else must pay more than half your support). Additionally, if the person who wants to claim you is not a close relative (parent, older sibling, grandparent, aunt or uncle) then you must have lived as part of their household for the entire year.
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