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.
Thank you very much for the detailed article!
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