Since March, when President Donald Trump declared a national emergency due to the coronavirus pandemic (COVID-19), the American economy was hit hard, very hard. Non-essential businesses were directed to close and within weeks, millions of Americans were out of work. To help inject cash into the economy, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Under the CARES Act, eligible individuals are to receive a $1,200 economic stimulus payment and married couples are to receive $2,400. And for parents with children age 16 and younger, they are to receive $500 for each child, but that $500 is per household. If the parents are divorced, for example, they can’t both receive a $500 check for each eligible child. Only the parent who claims the child as a dependent on their taxes shall receive the stimulus check.
What About College-Age Children?
Millions of Americans are supporting their college-age children as they attend school. As such, the parents claim them as dependents on their taxes. If you are supporting a college-age child, you may be wondering if you can receive a $500 stimulus check for your child. The answer is no, you cannot receive a stimulus check for a college-aged child. The age cutoff is 16 years-of-age, so even if you have a high school junior or senior, you would not be able to collect a $500 check for them either.
“Can my college student receive their own $1,200 stimulus check?” The answer is, “It depends.” If you claim your college student as a dependent on your taxes, then no, he or she cannot receive their own stimulus check. However, if you are NOT claiming your college student as a dependent and if they are supporting themselves, then he or she can collect their own $1,200 stimulus check.
To get more of your questions answered, we recommend reading this Forbes article. If you need assistance with a divorce or family law matter, contact our firm today at (410) 593-0040.