Will I Get Both Stimulus Checks?
Similar to the first stimulus package, the new stimulus bill will include a $600 direct payment to
individuals who qualify. Again, a vast amount of adult dependents has been left out for some
type of aid. At first glance, it seems that those 15 million omitted dependents who are 17 years
or older, such as college students and disabled adult dependents won’t receive any payments, but
that is not the case. One thing this bill does address that we are all similar to this year is change. Understanding that taxpayers' situations may change from year to year, the bill includes the chance for some
individuals to not only earn the second, $600 payment but also a chance to recover funds from
the first $1,200 stimulus package. The financially independent college student is one of the largest groups benefited by this but also one of the most uneducated and uninformed on the subject. If you were claimed as a dependent on someone else’s 2019 tax return but will not be for 2020, then you may now be eligible for the first stimulus check, given you will file a tax return in 2020. Another benefit of this is that young adults who work part-time during school but do not make enough income to be required to file taxes are also eligible for the credit. If you are eligible for this Recovery Rebate Credit you can claim it on line 30 of your 2020 tax
return. Other factors that may affect your eligibility include a change in income, the addition of
a child, you didn’t receive the full benefit of the first stimulus check, you now have a valid social
security number, or are no longer a dependent. This credit was adopted to benefit anyone whose circumstances may have changed from the year2019 to 2020. If you did not receive the first stimulus payment at all or received less than the$1,200 then you may be eligible for the Recovery Rebate Credit.
If you have any questions reach out to the professionals at The Center for Financial, Legal, and Tax Planning, Inc. at (618) 997-3436.