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Does anyone know the answer to this question? I have several tax payers who were dependents las year and now are filing their taxes independent from their parents. Do they qualify to get the stimulus payments with their income tax?
Thank you
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Yes as long as they don't qualify to be claimed as a dependent of their parents.
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But you really need to do your homework first and find out if they really provided over half of their own support. Believe it or not, there are folks out there who would game the system and say their kids are not dependents just to get some extra cash from Uncle Sam.
Slava Ukraini!
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I thought Groundhog Day was last week.
The more I know the more I don’t know.
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It's just like the movie ----------------------------- it keeps repeating, and repeating, and repeating!
Slava Ukraini!
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Where do we draw the line on a situation like this...? How is everybody handling this? I initially thought about including some kind of wording on a disclosure statement they have to sign but is that too much... not sure if I'm overthinking this. 🤔
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I am going to be using my best interrogation techniques. I am going to ask about support and let them tell their story. If I don't buy their story, they either do the return my way or go elsewhere. Luckily I have pretty good clients so I don't think it will be a major issue for me.
Slava Ukraini!
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I've only had 2 clients ask and once I brought up support they are claiming their dependent on their return..
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You might want to bookmark these links and read the IRS guidance.
Interactive wizards portal for determining dependency:
And:
https://www.irs.gov/newsroom/economic-impact-payment-information-center-topic-a-eip-eligibility
https://www.irs.gov/coronavirus/second-eip-faqs#Eligibility
One for each EIP.
Don't yell at us; we're volunteers
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Thank you for your answer IRonman.
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You betcha!
Slava Ukraini!