Do I qualify for a stimulus? ?
Hello! I’m trying to understand stimulus regulations and doing everything I can to qualify for any type of financial help.
I am currently 21 (as of November 2020) and attended college part time last semester, am not attending this semester. I worked as a nanny and was paid cash or through venmo, therefore I have not filed any tax return forms or anything. (I did work in a cafe for a month in 2019 for my brother in law, but was also paid in cash) I am still listed as a dependent but my parents do not qualify for stimulus, so I did not receive $500 either. I am about to start a job at a restaurant next week. Is there any way to qualify for the upcoming stimulus? do i need to stop from being a dependent on my parents form? is there time to do that...? thank you!
I was never taught these things, that is why I’m asking. I don’t want money that I don’t deserve, I just do not understand the tax system and have no one to teach me. I am not financially supported by my parents, I just have not gotten a job where I was told to file taxes up to this point, so I am still listed on theirs. Thank you to the people who are being kind, helping me, and informing me and not making me feel bad for asking questions about something I don’t understand and trying to learn.
I knew so little about taxes that I didn’t know 2020 taxes were still being filed since it’s 2021. That makes sense and I will be reporting any income that I am supposed to now that I know...thank you
- Coffee DrinkerLv 72 months agoFavorite Answer
You have a legal obligation to file a tax return and report all of your income. Getting paid under the table with cash or venmo doesn't change this.
Since you are over 19 years old and not a FULL TIME student, you do not pass the age test for your parents to claim you under the "qualifying child" rules.
The only way they can legally claim you is if you meet the rules for "qualifying relative" - under these rules your parents must provide more than half of your financial support and YOUR income must be less than $4300. If you earned more than $4300 or if they didn't provide at least 51% of your financial support then they can't claim you.
If nobody can claim you on your 2020 tax return then you'll get an extra $1800 in tax credits to make up for the stimulus money you didn't get earlier this year. ($1200 from the first one and $600 from the most recent one).
If you do qualify as a dependent then you get nothing, and under the current stimulus proposals your parents get nothing for you either. The extra payments for dependents was only for kids under 17 years old. As "A Hunch" pointed out, the criteria is that you QUALIFY. So if you qualify as their dependent you must file as a dependent and you do not get a stimulus credit. Your parents cannot just skip their claim so you can get $1800.
But everything starts with you actually fulfilling your legal obligation to file a tax return, report your income, and pay the tax you owe.
- Anonymous2 months ago
Why on earth should you get a tax credit? You don't pay taxes and someone else financially supports you.
On top of that you are committing the crime of tax evasion in more than one gig. Go pay the back taxes you already owe and THEN come back and ask us if you qualify for a tax credit.
And the tax cheating aside, NO, you do not qualify for the stimulus tax credit if someone else *can* claim you as a dependent whether they actually claim you or not.
And no, you were never going to get the $500 for dependents. Any tax credit for dependents goes to the taxpayer who provides your financial support.
You aren't getting squat and you don't deserve it either.
ETA: "I am not financially supported by my parents" Then WHY are they still claiming you as a dependent? Your entire family is full of tax cheats. Your parents, your brother-in-law and now you.
If you would like to file a PROPER tax return for 2020, we'd be happy to help you. But be honest. You have ZERO intentions of filing a tax return and have set aside ZERO money to pay the taxes you owe. I'm sorry, but your bull crap about "I'm too young to know anything" is not flying. You have been an adult for three years. You are too smart to actually think you are entitled to unlimited tax free income and get tax refunds on top of it. You are a tax cheat. On purpose. And you know it. I'm sorry you're finding it unpleasant to be seen through.
- A HunchLv 72 months ago
It's do you QUALIFY as a dependent.
Not if you are actually claimed or not.
You QUALIFY as a dependent, there is no stimulus for you.