Stimulus Payment For College Students

Here s how college students could collect 1 800 in stimulus payments parents be careful about giving up claiming a young adult child as a dependent.

Stimulus payment for college students. It could increase your tax bill. While this has historically not been an area of great inquiry by the irs 2020 may change that if large numbers of 18 to 22 year olds suddenly file independent and claim stimulus payments. College students may now also be able to claim the stimulus payment in the form of a recovery rebate credit as long as they are not claimed as a dependent said lisa greene lewis a certified.

Student loans taken out by the student scholarships and withdrawals from 529 accounts might all be used to meet the standard of the student paying at least half of their costs. College students and stimulus payments. The 900 billion stimulus law also defines dependents as those age 16 and younger leaving out those age 17 and older including most college students and older relatives.

These payments are an advance refundable credit on 2020 taxes. Students at usc can apply for up to 3 000 in cash grants. Some young adults could retroactively get the original stimulus payment of up to 1 200 as well as the second stimulus payment of up to 600 keep.

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. Will i receive a stimulus payment. Will i receive the extra 500 stimulus money for my aging parent whom i claim as a dependent.

Depending upon whether they meet the qualification criteria some college students could potentially be looking at up to 1 800 in relief money in 2020 when you factor in both the first stimulus. Afp via getty images. 21 to get your money.

I am a college student still claimed as a dependent.