Posted on 02/04/2021 3:33:28 PM PST by Blood of Tyrants
Here's a heads up for parents with college age children who claimed them as dependents in 2019 but the children didn't get a stimulus check last year:
If you file their return separately, they will get the $1800 in their tax refund, even if they didn't have a W-2. That is how Turbo Tax figured it anyway. If you count them as a dependent, it only reduces your taxes by $500. So it's $1300 net gain.
our adult disabled dtr lives with us...we claim her...I file her taxes for her even though she doesn’t owe anything....no checks...
We had 2 stimulus checks in 2020. First one was $1,200 and the second one was $600. That is the $1,800
we did same for my son- he had some unemployment and they were going to tax it at our tax rate instead of his...he is 18 and we would have only gotten the $500 deduction claiming him and he would have paid a ton more in taxes so we had him file independent and his taxes dropped massively and he got the $1800 he never got prior.
There are many more complications you are potentially missing.
For example is a single parent needed that child to get Head of Household filing status..
Or even bigger, it could disqualify the parent from getting an Earned Income Credit.
We had one where the daughter in high school for her stimulus check as her friend told her to file online for it.
The mother lost the Child Tax Credit, $500 credit for not claiming her, Earned Income credit, and lost head of household filing status...
Mother lost far more than double what the daughter received. This was a 2019 return that was filed in October under extension and the mother had no idea the daughter got the $$$. The IRS caught it and made the mother pay.
Yes.
I think FreeTaxUSA is better.
File electronically if u get subsidized Advanced Premium Tax Credit (Obamacare)
All: be sure you got your $1800
(1200 in spring ‘20, $600 in Jan ‘21)
Why would you be filing a 2019 tax return now? Aren’t you doing 2020 taxes?
My son was in college in 2019 so we claimed him on our taxes for that year. Therefore, he didn’t get the first $1200 stimulus because he was over 18 and a dependent. It was ridiculous because by that time he was out of school and working for the last 6 months of 2019 and all of 2020. (He never received the $600 stimulus, but should receive that when he files taxes.)
Are you saying people should retroactively have take their college-age dependent off of their 2019 taxes (file a revision)?
I’m a parent with that scenario—is it dependent on either my income or the college age dependent child’s income?
No. I filed 2020 taxes for my daughter.
Not as far as I can tell. Do their taxes online for free. It only takes a few minutes.
If she’s a dependent, she won’t get money.
Sorry, trying to understand your original post:
Since my son was a college dependent in 2019, he didn’t get the $1200.
But when he files independent in 2020, he will get the $1200 (and the $600 that he hasn’t’ received yet).
Is that what you are saying?
Thanks. He graduated in 2020 and does his own taxes—I’ll advise him to give it a shot!
Not sure what you mean but in the same situation.
Thank you for sharing this! I will check with my accountant tomorrow. Even if it doesn’t work out, anything like this is worth a try.
that’s what I figured....
Yes, as long as he is not a dependent on anyone else’s taxes.
Wow, thanks!
I’d do it but my health insurance will only cover our “dependent” children over 18 so long as they are enrolled in college. So I ain’t messing with it.
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