Though aof is on its way to millions of Americans, about 13 million young people aged 17 to 24 who are listed as dependents on their family’s taxes are not , due to a tax code definition of “ .” The same was true of the last year. And if you do count as a child dependent, you still don’t get your “own” money — but a sum of $600 per qualified dependent will be .
This can get complicated, and may leave you wondering: When is it possible for me to qualify for aof my own? Below, we’ll explain what happens depending on your situation, including if you’re in the military, if you’re a student, if you live on your own and are employed, if you receive , if you’re married or a parent or if you’re .
Some young adults couldof up to $1,200, as well as the of up to $600 — keep reading for more information. Our can estimate your potential payment if you’re curious. And here’s , and how to .
The first stimulus payment sent out under the Marchallocated up to $1,200 for qualifying American adults, and $500 for the — so long as they were age 16 or younger. The , which is being sent out now under the passed in December, allocates up to $600 per qualifying American adult and $600 for the dependents listed on their 2019 tax returns, who were age 16 or younger at that time. While the amount of money has changed from the first check to the second, the rules for who qualifies as a child dependent have not.
To qualify for your own stimulus check, you need to have filed your 2019 taxes independently, which means no one else claimed you on their taxes as a dependent. You also had to have anof under $75,000 to receive the full amount. (The , and this time around, , you aren’t eligible for a check.)
There are two different sets of rules for who counts as an adult or a dependent under current tax law, according to Janet Holtzblatt, a senior fellow at the Urban-Brookings Tax Policy Center.
One is the support test. If you’re unmarried, you don’t claim children as your own dependents, your parents provide you with financial support equal to or greater than half of your annual income and you made less than $4,200 in 2019, then your parents can still claim you as their dependent. Another is the residency test: If you’re a full-time student under the age of 24 who resides with an adult taxpayer more than half of the year (unless you’re living on a college campus), you can be claimed as a dependent, no matter how much money you make…Read more>>