Saturday, January 16, 2021, 22:48

Will 2020 be the first time you time you file your income tax return without checking the "someone else can claim you as a dependent" checkbox? If so, don't forget to collect your 2020 stimulus payments on 1040 line 30!  Economic stimulus payments were calculated from 2019-2018 tax returns already filed.  Payments were not available to those who were claimed as dependents during those years.  This excluded those adults who may have been college students during those years, even though they were independent, employed and no longer "dependents" of their parents in 2020.  These newly emancipated taxpayers can still collect both 2020 stimulus payments through filing a 2020 income tax return.  If all other stimulus payment qualifiying requirements are met, the missed stimulus payments can pay down any income tax owed and then be collected in an income tax refund.  No need to miss out !

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