Recovery Rebate Credit

[colin2812]

Hi,

My parents claimed me as a dependent on their 2020 taxes but were not eligible to claim me as one for their 2021 taxes. I never received the third stimulus check, they did. Am I eligible for the recovery rebate credit for 2021 based on this information? I don't want to have to pay this money back or have my parents pay it back because of an overpayment if I go along with the credit.

Any information on this would be greatly appreciated. Thank you!

[DoninGA]

Why are they not eligible to claim you as a dependent on their 2021 tax return?

Are you age 19 or older, not a full time student and had gross income in 2021 of $4,300 or more?

[colin2812]

Yes, I'm older than 19. I was a full-time college student in 2020 but not in 2021. I graduated in December of 2020. 

[DoninGA]

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@colin2812 wrote:

Yes, I'm older than 19. I was a full-time college student in 2020 but not in 2021. I graduated in December of 2020. 

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Then you cannot be claimed as a dependent in 2021 if your income was $4,300 or more.  You will be eligible for the Recovery Rebate Credit on your 2021 tax return.  And even though your parent's received the 3rd stimulus payment for you on their 2020 tax return they do not have to pay it back.

[colin2812]

Thank you so much for your help!