A 19 year old client was file as a dependent last year by his parents, but in 2020 He became financially independent. Would he be able to get the rebate for EIP1 and EIP2?
Is this right? If you became financially independent in 2020, and you file your 2020 tax return in spring 2021 independently, you'll receive the first stimulus check of up to $1,200 , Holtzer said. This is likely the case for the second check, too. All you have to do is file your tax return for 2020, and meet the regular eligibility criteria for a stimulus payment.
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but in 2020 He became financially independent.
"Financially Independent" is not the direct reason to get the credit. What matters is if the person is ELIGIBLE to be a dependent or not.
If "financially independent" means he paid for over 1/2 of his annual support, then he would not qualify as a dependent, and therefore be eligible for the credit.
If he did not pay for over 1/2 of his annual support for 2020, then it may depend on if he was a full-time student and if he lived with his parents for over 6 months.