Son's transition from college to workplace resulted in this. His taxes are
2018 - dependent (I claimed)
2019 - non dependent. Qualify for $1200 and $600
2020 - non dependent. Don't qualify for stimulus due to AGI phase out
He didn't get $1200 since 2018 taxes don't qualify and IRS was unable to determine during payout window with 2019 tax filing in flight. We then planned on claiming it as a credit on 2020 taxes.
He received $600 stim since IRS had his 2019 taxes during this payout window.
2020 taxes can't claim $1200 stim credit due to 2020 AGI phase out.
Screwy result seems to be just a matter of timing on all the events. So he is probably out of luck. Thought I confirm before we finalize his 2020 taxes.
Thanks
You'll need to sign in or create an account to connect with an expert.
The stimulus checks were an advance on a credit you could get on your 2020 tax return. If your 2020 income is too high to be eligible for the stimulus you do not have to pay back money you received last year. But if you did not receive it last year, and your 2020 income is too high, they do not go back and give it to you based on your 2019 income—-you either do not get it at all or you are subject to the phased out amount for your income.
A1. Generally, if you are a U.S. citizen or U.S. resident alien, you will receive an Economic Impact Payment of $1,200 ($2,400 for a joint return) if you (and your spouse if filing a joint return) are not a dependent of another taxpayer and have a Social Security number valid for employment and your adjusted gross income (AGI) does not exceed:
You are not eligible for a payment if any of the following apply to you:
The stimulus checks were an advance on a credit you could get on your 2020 tax return. If your 2020 income is too high to be eligible for the stimulus you do not have to pay back money you received last year. But if you did not receive it last year, and your 2020 income is too high, they do not go back and give it to you based on your 2019 income—-you either do not get it at all or you are subject to the phased out amount for your income.
A1. Generally, if you are a U.S. citizen or U.S. resident alien, you will receive an Economic Impact Payment of $1,200 ($2,400 for a joint return) if you (and your spouse if filing a joint return) are not a dependent of another taxpayer and have a Social Security number valid for employment and your adjusted gross income (AGI) does not exceed:
You are not eligible for a payment if any of the following apply to you:
Got it, an advance on the credit definitely make sense. Thanks
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
shiyi11
Level 2
ammosleh222-gmai
New Member
dfidd
New Member
amyd366375
New Member
kabag
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.