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CAN A student CLAIM THEMSELVES TO GET THE REBATE RECOVERY CREDIT?

nelda75
Level 1

CAN A student CLAIM THEMSELVES TO GET THE REBATE RECOVERY CREDIT?

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3 Replies 3
abctax55
Level 15

MAYBE... and there's no need to shout.

What do your CPE classes say about the situation?


#StandWithUkraine
itonewbie
Level 15

Question is whether the student is a dependent of someone else.  That's not a choice but a factual determination based on the statutes.

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Still an AllStar
qbteachmt
Level 15

Perhaps it would help to review what is really happening:

The funds were paid out as Advanced payment against a projection. The projection used 2018 or 2019 tax returns. But 2020 is the Actuals. You use the 2020 return to reconcile what a person is entitled to, against what they got.

If the person is not a dependent in 2020, then they would be entitled to the payment/credit. That doesn't mean "not being claimed." It means "no longer qualifies as a dependent."


You might want to bookmark these links and read the IRS guidance.


Interactive wizards portal for determining dependency:

https://www.irs.gov/help/ita

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.

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