Stimulus check has proved to be a ray of hope for many people due to COVID-19 many people lost their jobs. Their financial situation was worsening with each passing day. In such troubling times, stimulus check comes as a relief for those suffering from the economic meltdown.
In this article, we will cover the stimulus check criteria for college. College students were not given the first stimulus check. But they many students have set eyes on the second stimulus check. It has been a tough year for college students but this year Congress is considering a second stimulus check of payment of $ 600. Now, will college students get this package?
Will College Students Get Stimulus Check?
Dependent College Students won't Get a Second Stimulus Check. If you are a dependent College student, you will not get the stimulus check. First payments that were given under the CARES act around March and second payments that are now accepted by the Congress in terms Corona tax relief funds states that a person who is dependent on their parents or some other guardians will not get the cash.
How Your Second Stimulus Check Will Differ from the First One
Unfortunately, that hits most college students hard. College students who were 23 or younger at the end of 2019 and who didn't pay at least half of their expenses that year could be claimed as a dependent on their parents' 2019 tax return. So, those students are out of luck when it comes to stimulus checks.
Independent and Older College Students Can Get Stimulus Money
What if you are self-supporting college students? If a student paid at least 50% of their living expenses in 2019, they generally couldn't be claimed as a dependent for stimulus check on their parents' 2019 tax return. Likewise, college students who were 24 years of age or older last year typically couldn't be claimed as dependent on their parents' latest return. So, despite what you may have heard about college students in general not being eligible for a second stimulus check, self-supporting and older students can receive stimulus money.
Under the Corona Relief Fund, these college students are entitled to the payment of up to $600 it will $1,200 if you are married. If you have a child that is dependent on you then they can get an additional $600 for every child that meets the criteria.
What is the Process of Getting a Second Stimulus Check?
IRS will send the checks to all the eligible students before or on January 15, 2021, according to specifications in the Corona Tax Relief Act. IRS will do all the calculation which will involve your tax statements, income and will process the check for you.
What Happened If you don’t File Tax Return
The issue is that many self-financing and adult college pupils don't file a tax return in dallas. It is because of their low income qualified pupils who are eligible to get the stimulus check and did not apply will not get the amount. Due to this IRS will have no information to send you your check.
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