COVID Tax Tip 2020-154: Self-supporting college students may qualify for an Economic Impact Payment

IRS Tax Tips November 13, 2020
Useful Links: IRS.gov Help For Hurricane Victims News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around The Nation e-News Subscriptions The Newsroom Topics Multimedia Center Noticias en Español Radio PSAs Tax Scams/Consumer Alerts The Tax Gap Fact Sheets IRS Tax Tips Armed Forces Latest News IRS Resources Compliance & Enforcement News Contact Your Local IRS Office Filing Your Taxes Forms & Instructions Frequently Asked Questions Taxpayer Advocate Service Where to File IRS Social Media	Issue Number: COVID Tax Tip 2020-154 Self-supporting college students may qualify for an Economic Impact Payment   Any eligible self-supporting college student who doesn't need to file a tax return should register using the Non-Filers tool by 3:00 p.m. ET November 21 to receive an Economic Impact Payment before the end of this year. Generally, a self-supporting student who registers will receive a $1,200 payment if they are single or $2,400 if married and file a joint return and the student or their spouse cannot be claimed as a dependent. If they have dependent children, they may also get an additional $500 for each qualifying child. Only self-supporting students who are not required to file a tax return should use the Non-Filers tool. Dependent students do not qualify. This means any student who is claimed as a dependent by their parents or someone else cannot get a payment. Recent college graduates may not have received an Economic Impact Payment because they were claimed as a dependent by their parents or someone else. If their situation changes, these graduates may be eligible for the Recovery Rebate Credit when they file their 2020 tax return in 2021. People who don't normally file a tax return may be able to register for an Economic Impact Payment quickly using the Non-Filers tool on IRS.gov. Students who need to or want to file a regular tax return should not use the Non-Filers tool. This includes any student who had federal income tax withheld from their pay and wants to file a tax return to claim a refund. Working students who have a summer or part-time job should consider filing a tax return so they can receive a potential federal tax refund. Anyone using the Non-Filers tool can speed up the arrival of their payment by choosing to receive it by direct deposit. Those not choosing this option will get a check. People can track the status of their payment using the Get My Payment tool starting two weeks after they register. Anyone who misses the November 21 deadline will have to wait until next year to claim the Recovery Rebate Credit, if they're eligible, when they file their 2020 federal income tax return. More Information: Economic Impact Payment Information Center A Closer Look Share this tip on social media -- #IRSTaxTip: Self-supporting college students may qualify for an Economic Impact Payment. https://go.usa.gov/x7RWQ Back to Top         Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov. This message was distributed automatically from the IRS Tax Tips mailing list. Please Do Not Reply To This Message.

 

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