Do college students qualify for a stimulus check under the CARES Act? Watch this video for Lynnette’s answer to this and other questions.
Lynnette Khalfani Cox: With the federal government sending out tens of millions of checks all across the country to provide economic relief to families facing COVID 19, a lot of you have been wondering, do college students get these stimulus checks too? I know a lot of your parents are thinking about that. You’re thinking, “Hmm. Maybe we might get the check.”
Some of you students are saying, “Hey, I’m an adult now, I’m over 18. Do I qualify to get a stimulus check?” Well, sorry guys, I hate to be the bearer of bad news, but generally speaking, it’s a no. Here’s why. The federal government for most issues related to tax matters, essentially considers children, even adult children under the age of 24, to be dependents of their parents.
They consider the parents to have been providing 50 percent or more of the child’s economic support. Now, there is an exception to this. If you have not claimed your child on your most recent tax return, whether that’s your 2019 tax return under which they’re basing your income to qualify to get that $1,200 check, or your 2018 tax return if that’s your most recent tax return.
If you never claimed your child under that, then yes, it is possible that that college student who might be considered independent, if he or she filed his own tax return, yes, they might get a check in that case.
For the most part, most of us have either claimed our kids on our taxes, or if you’re like me, you have older kids who are in my case 22 years old and independent, and has filed her own tax returns, or a 20 year old who is also independent and I’m not claiming him on my taxes. I’m in the same boat as a lot of you guys, I’m not getting that check either.
Lynnette Khalfani-Cox, The Money Coach®, is a personal finance expert, speaker, and author of 15 money-management books, including the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom.
Lynnette has been seen on more than 1,000 TV segments nationwide, including television appearances on Oprah, Dr. Phil, The Dr. Oz Show, The Steve Harvey Show, Good Morning America, The TODAY Show and many more.
All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.