A new tax season means many college students or young adults not yet covering all their own expenses could get a total of $1,800 in stimulus relief.
Under the Coronavirus Aid, Relief, and Economic Security Act, or the Cares Act, individuals can qualify for up to $1,200 in stimulus relief ($2,400 for couples filing jointly). A second stimulus payment, signed into law by President Trump on Dec. 27, provides for an additional $600 ($1,200 for couples).
Many college students lost jobs or had their income decrease because of the pandemic and had hoped they could get much-needed stimulus payments. But for many people there was an irritating catch to the stimulus funds: The money wasn’t available if you were claimed as a dependent on another taxpayer’s return.
However, when the 2021 tax season opens, many young adults could qualify for a combined $1,800 ($1,200 from the Cares Act and $600 from the second round of economic impact payments). This is because the stimulus payment is actually an advance credit. On Line 30 of the 2020 Form 1040 or 1040-S, it’s referred to as the “recovery rebate credit.”A new tax season means many college students or young adults not yet covering all their own expenses could get a total of $1,800 in stimulus relief.
Under the Coronavirus Aid, Relief, and Economic Security Act, or the Cares Act, individuals can qualify for up to $1,200 in stimulus relief ($2,400 for couples filing jointly). A second stimulus payment, signed into law by President Trump on Dec. 27, provides for an additional $600 ($1,200 for couples).
Many college students lost jobs or had their income decrease because of the pandemic and had hoped they could get much-needed stimulus payments. But for many people there was an irritating catch to the stimulus funds: The money wasn’t available if you were claimed as a dependent on another taxpayer’s return.
However, when the 2021 tax season opens, many young adults could qualify for a combined $1,800 ($1,200 from the Cares Act and $600 from the second round of economic impact payments). This is because the stimulus payment is actually an advance credit. On Line 30 of the 2020 Form 1040 or 1040-S, it’s referred to as the “recovery rebate credit.”
Here’s how college students could collect $1,800 in stimulus payments
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