Son as dependent?
Hi! My 20 year old son is a college student full time. We are thinking of not claiming him this year as a dependent on our taxes. We only receive a $500 tax credit for a dependent because of our income level. This way he would qualify for $1800 stimulus money when he does his taxes. Is this a good idea? Also if we DON’T claim him this year, can we claim him next year on our 2021 taxes?
Thanks
Terry Says
It all depends on whether he can credibly maintain that he provided at least 50% of his support. Then he can file his own return and collect both the original $1200 stimulus and subsequent $600 stimulus. But I wouldn’t fool around with the IRS unless you can demonstrate his “independence.” He will have to certify that he cannot be claimed as a dependent on another return. If circumstances change next year, I suppose you could claim him then.