Stimulus Checks Tax Return Irs College Student
These payments are an advance refundable credit on 2020 taxes.
Stimulus checks tax return irs college student. Tax advisers and the irs say students and graduates who became financially independent in 2020 could claim the recovery rebate credit on their 2020 tax returns which are due by april 15 2021. Last week the irs started sending stimulus checks up to 1 200 to those who qualify. To be clear the cares act does not stipulate that an individual be an enrolled college student in order to qualify for that first stimulus check.
Parents of college students have likely heard that those students if claimed as dependents on their parents 2019 taxes are not eligible for the 1 200 stimulus payment. But don t worry too much. Eligible college students who didn t file a 2019 tax return might not get a second stimulus check since the irs won t have the information it requires to cut a check.
This means that the payment is actually a tax credit on your 2020 taxes which you get even. 21 to get your money. One constituency however likely won t be receiving a stimulus check.
If you are a college student eligible for a 1 200 coronavirus stimulus check under the cares act take action by nov. If you became financially independent in 2020 and you file your 2020 tax return in spring 2021 independently you ll receive the first stimulus check of up to 1 200 sometime in 2021 holtzer.