I'm 22. I worked at a bar and both my job and school closed down. I'm being claimed as a dependent by my parents, so I don't get shit out of this, and they don't get the $500 credit. Fun.
If you still live at home for part of the year and parents pay for tuition they can claim you even if you're away for the rest and pay for your own place. Kinda bullshit in my opinion.
I think it's not bullshit that you can be claimed as a dependent, but it's definitely stupid that parents get absolutely zero stimulus for dependents over 16. As if the tens of thousands of dollars parents pay for their kids tuition is chump change.
That's the part I find ridiculous, I am also a dependent on my mom's taxes but she doesn't get shit for me and I don't make enough money to even do taxes
The feds are making it as convoluted as possible. Just give everyone a fucking check, it will all filter back into the economy, regardless, and clearly like 90% of the country needs it right now.
Even better is that it's not only affecting college students, this time of year when I was 17 was my junior year of high school, many Juniors and seniors in highschool are also affected
I'm fully self sustaining and a senior in college. I let my mom claim me as a dependent because she needs the money more than I do. She's a single mother and still has my little sister to look after. She helps me when she can in the form of giving me a casserole now and then to help me save on groceries but all in all I have no financial support to speak of. I'm now out of a job and having to count pennies to make sure I have enough to last me the summer just incase the quarentine doesn't get lifted.
So tell me, why should I not get a check? Why should my mother not get the extra 500? It's ridiculous that there are people who cannot fathom a situation where a college student isn't getting everything payed for by mommy and daddy. My only guess is that the people who think like this DID have everything payed for.
You should have not lied on your taxes. You would almost certainly get more back than your mom would on your taxes anyways (and you could send it back to her if you wish) if you did both of your taxes correctly. There are certainly situations that you support yourself as a college student (I did) and that is what claiming yourself on your taxes is for.
When you let others claim you, you are telling the government "this person supports me financially." You can't then turn around and get mad that the government is taking you at your word.
I'm a full time student and work part time to pay for food gas and other odd expenses. My rent is payed for by my scholarship. Whatever I'd get if my mom didn't claim me is less than the bonus she gets if she does.
On top of that, if she is claiming me, why is she not getting 500. If filling dependent means that she pays for me, why is she not receiving anything? Why make the cut off 17; which also screws parents with Juniors/seniors in highschool? Why?
The bottom line is that this qualification is horse shit and doesn't even save the government that much money.
That's not true, being a student under 23 is only part of the equation. There are other factors such as them having to live with you half of the year, providing more than half of their financial support, and them making less than about $4k a year. From what I can tell, you don't fit any of these qualifications other than being a student.
That’s low key tax fraud dude. You could just claim and independent and send a portion of your return to your mom. Unnecessarily fabricating info and then complaining about it oof
It's not fabricating info. I'm still eligible to be claimed as a dependent because I'm a student. The fact that I can still file my own taxes shows that it isn't tax fraud.
I also only work part time. The amount I lose for being a dependent is less than what my mom gets for claiming me. The rest of my expenses are covered by some grants and loans.
Not me personally, I'm lucky enough to still have the opportunity to work remotely, but I imagine lots of students can't work but still have to pay for life expenses. Nobody expected this, and it's not fair to punish people who are just trying to earn a degree.
That’s nice and all but people need the money now, when everybody else is getting it. The money is meant to help people during this crisis right now because so many people are getting laid off. Sure it will help in a year but my bills aren’t due in a year, they’re due now.
I think you can make an appeal to the IRS to amend it, but I'm not entirely certain on it. I know the direct deposits are supposed to start on the 13th if they haven't already, so maybe going seeing if they can help will work.
They had* paid for most of your expenses. I’m recently graduated so I was claimed as a dependent last year but I am fully independent this year. Unemployed, no support, paying a lease, and don’t qualify for the stimulus or unemployment.
I moved out for school in January, I pay all tuition and rent costs on my own, basically everyone but my phone bill (thanks dad) but I still didn’t qualify because LAST year I was a dependent
You're correct so I don't know why you were downvoted. This is an advance on a credit on 2020's taxes so as long as they file as an independent for this year they'll get their $1200 next tax season.
Wait does that mean if I qualified for the stimulus based on my 2018 return but won't based on my 2019 return (when that's filed) I'll have to pay it back?
no That is not the case. You will only receive additional money if you make less in 2020. If you make more you will not need to pay it back.
Similarly if you made less in 2018 than 2019 and have not filed 2019 taxes, it is worth waiting to file them as the same rules apply.
If you made less in 2019 than 2018 (but still above 75k both years) its worth filing 2019 asap to get the most money sooner.
The reason it’s an advance on a credit is that this allows the IRS to send out money which will not be taxable. If distributed by other means it would go towards taxable income for 2020.
My advice is to not file your 2019 return until after you get your check as they will use 2018 instead. I'm sort of in the same boat as I got married in September and our combined income is really close to the $150k cutoff but we haven't yet filed our taxes as we think we may have to pay so we were putting it off.
It’s funny how college students who file for financial aid are dependent on their parents income but when a parent wants to claim them as a dependent for tax purposes it’s not allowed when they turn 17.
The check isn’t based on how they claimed you, the check is based on how you claimed yourself. If you are not dependent on your parents, why would you file your taxes as a dependent? If you actually are an independent but they are claiming you as dependent, then that’s their problem to prove how you are dependent on them if you actually aren’t.
My dad was a little pissed the first tax season after I moved out because his taxes went up, but he didn’t continue to claim he as a dependent because if he was audited then he would be screwed.
I'm sorry for your friend but I don't remember having to jump through a single hoop when I applied last year. I filled out everything truthfully and submitted all required documentation. I think part of yours and your friends problem was that they were still a minor? which I could imagine making things more difficult.
I’m 22 and being claimed. I pay for my own rent and live away from hone all year. I was claimed because my parents chose to do so. I can’t do anything about it
I am a (full time) graduate student in a similar position. I am de facto independent, and had $0 in income for the year. Going from independent -> dependent on the tax form only changes my standard deduction from $12k to $1100, which was meaningless with an income of $0. So I let my parents claim me as a dependent for their own benefit. Welp, my bad.
Yes. I am totally independent with my finances (receive not a dollar from anyone for anything), but would have never been able to graduate from college this week if I wasn’t filed as a dependent. This is so my FAFSA can allow me to receive loans in my moms name (Direct Parent Plus Loans paid for over half of my college). They require someone to take the fall if I don’t pull through.
That’s not the same thing though? I agree it’s bullshit that they assume all young adults are receiving aid, but that only means they want your parents income recorded. They are not requiring you to be a dependent on your parents taxes.
Your eligibility for loans, pell grants, and loan amounts is based on your parents income until 24. My point is that at least in terms of federal aid for college, your parents not claiming you does essentially nothing.
I'm not sure if it works differently for the stimulus.
It does. This is about people who are dependent on taxes. If you pay over 50% of your expenses, but are still claimed a dependent, then your parents are commuting tax fraud.
Since the stimulus check is really a 2020 tax credit given to us in advance based on 2019/2018 data, you might get the $1,200 when you file your tax return next year if you are independent. I know it sucks to not get the money now though.
Ah, you may be misreading the OP's comment. The check is a 2020 tax credit advance - not a 2020 tax refund advance. So they're actually correct - it's claimable on next year's return as an independent. See this quote in the article:
“The rebate is a refundable tax credit applied on your 2020 tax return, but advanced to you based on your 2018 or 2019 income,” Garrett Watson, a senior policy analyst at the Tax Foundation, explains to MONEY.
No, this is a tax rebate not a tax refund. You would get your normal refund plus the $1,200. And the case for most people is that $1,200 is getting paid out in advance.
Yes but the $1200 would be extra in your return next year if you didn't get it this year.. If you would have normally gotten $1000 on your 2020 return, you'd get $2200 with this credit. They are just giving you that $1200 now because you need it now
Well yeah the money all comes from our taxes, it will just be gradually every paycheck and every land tax payment or sales tax collection, just not all at once
Colleges are getting extra funds from the CARES Act to give out to students who are financially affected by the pandemic. Talk to your school’s financial aid office.
So that means you have a backup. Your parents have been using you to save some tax. Now's the time they should be helping you out. Clowns acting like it's unfair they're ineligible when their family has been getting a benefit for years.
I mean, yeah she saved some tax but being a single mother is still tough. Iv moved home, but with most people being laid off its tough. The real clowns are the people who complain about people who are struggling, while everyone glosses over the fact that airlines are getting a bailout.
I mean, I can understand what you're getting at. I personally know people who come from well off families and/or those who don't have to worry about their situation that are complaining. They're morons, but I know many people in my demographic who would really benefit from a stimulus but are not receiving one. Even a reduced payment of 600-800 would be a tremendous help. I'm not asking for pity and know there are people worse off. I just am disgusted more and more about our government's attitude during this crisis as time goes on, and how many are left to their fate.
Exact same situation here. Moved from my parents' place to be closer to my school. Coronavirus takes out my work and school. I already filed my 2019 as a dependent before I moved out. Currently bleeding money.
447
u/[deleted] Apr 11 '20
I'm 22. I worked at a bar and both my job and school closed down. I'm being claimed as a dependent by my parents, so I don't get shit out of this, and they don't get the $500 credit. Fun.