Eligibility question

Forum|Forum|5 years ago
April 17, 2020
1 reply
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Hi all, Please I will need some help understanding things about the stimulus payment because I need to explain how this process works to my elderly parents.

In my 2018 tax, I was claimed as a dependent by my parents but two weeks ago, I recently filed my taxes by myself and checked that I could not be claimed as a dependent. My parents have received the stimulus cheque but want to know if I am was claimed as a dependent in 2018 but not in 2019, will I be eligible for the stimulus. Also in this case, will the IRS use my 2018 tax information or my 2019 tax information to determine my eligibility. Please help me out so that I can adequately explain this to my parents. Thank You

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NCPERSON1

it is not going to matter, but may take time to clear up the confusion:

The stimulus payments are really based on your 2020 tax return (income, dependents, etc).
The IRS is using either 2018 or 2019 – whatever is available - to ESTIMATE that payment
When you file next year there will be a “settle up” section on the tax return.
If you are due more stimulus (and this would include where you simply never received it), you will receive it through the 2020 tax filing.
If you received too much, by law, you are not required to return the overpayment

give it time, you'll get the stimulus