In the first two stimulus packages, college students were completely left out as if many of us don’t have rent or grocery bills to pay for. Luckily, they came through for us (a little bit) in the third economic relief package. The American Rescue Plan expands stimulus check eligibility to adult dependents but how exactly is that money received? And what if that option isn’t available to you?
Don’t worry because Cocoa Diaries has you covered!
How do you get the stimulus check?
Most college students are considered dependents since parents are allowed to file their children in college on their taxes until they are 24 years old. The $1400 stimulus check will be distributed to the taxpayer and not the dependent, so basically your parents will be receiving the check… not you.
If your parent(s) does not meet the income requirements, no stimulus check will be distributed for you. HOWEVER, if they do meet the requirements and will receive a check for you, here are some reasons you can offer to convince them to give you at least a portion of it:
- The money could help to pay rent
- Food is expensiveeee and you’re tired of eating ramen every day
- It could allow you to take a summer class or two
- You need MCAT or LSAT or GRE books or prep courses
Let’s be real, some of yall’s parents are not giving you that check even if you pay 100% of your bills, so here’s another option (that may ruffle some feathers).
File as independent on your 2020 taxes… I know it may be scary, but if you cover more than fifty percent of your expenses, then you may want to think about filing your own taxes as an independent. You may even qualify to receive the third stimulus check of $1400 PLUS the first two stimulus checks of $1200 and $600 if you claim the Recovery Rebate Credit and are eligible based on your 2020 tax return. Tax software such as MyFreeTaxes, H&R Block , or TurboTaxwill automatically help determine if you qualify for the Recovery Rebate Credit. If you are eligible for the Recovery Rebate Credit, it will be sent as part of your 2020 tax refund which you may receive in 3 weeks (if you filed electronically).
In order to file as an independent, you must:
- Have a social security number
- Be 18 years of age or older
- Have an adjusted gross income of $75,000 or less
The deadline to file your 2020 taxes is APRIL 15, 2020. If this is the route you choose to take, make sure you let your parents know because this will impact their tax returns.
Click here for resources to help you file your taxes for FREE!
Stay tuned for more $$$ resources!!
A fellow Cocoa Queen,
Maleigha
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