Young Professional Stimulus Check
I graduated from college in May 2019 and started my first full time job in August 2019. I filed my 2019 Income Taxes in February and reported that my parents claimed me as a dependent because they paid for more than half of my 2019 expenses. 2020 is the first year that I will not be considered a dependent. Am I going to miss out on getting the ,200 stimulus check since my parents claimed me in 2019?
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There are two parts to the recovery rebate: the tax credit for the 2020 tax year, and the advance tax credit as a check, determined by your 2019 tax return (or 2018 if you haven't filed for 2019).
Since you put on your 2019 tax return that you can be claimed by someone else as a dependent, you will not get the check. However, if you cannot be claimed by someone else as a dependent (note: it's "cannot be claimed", not just "are not claimed") for 2020, and you otherwise qualify for the payment (e.g. meet the income requirements), you qualify for a tax credit when you file your taxes for 2020 in 2021. The tax credit is reduced by the amount of the check you got, and since you didn't get a check, you qualify for the full tax credit.
On a podcast I heard yesterday, the Nevada tax commissioner joined and said the tax credit will ultimately depend on the 2020 return filed in 2021.
To distribute money now, they will go on the last filed return, e.g. IRS has my 2018 return. They'll base my credit off that. When I file in April 2021, for 2020 income, it will reconcile. The result can remain the same, I can lose the credit I got, or get the credit I didn't qualify for.
Listen to this Podcast (it's called the Daily Beans) and you can decide if I missed anything. (To save you time, the interview begins at 51 minutes into the show)
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