This is not quite true this year. If the dependent is over 17, no one gets the stimulus for them. It is 1200 for each adult that files taxes and 500 for each child, defined as they will be under 17 on Jan. 1, 2021. I have two college age dependents and get just the basic amount for me and my wife.03Lightningrocks wrote: ↑Mon Apr 13, 2020 10:06 amA funny part of this is that if a person is in college and being claimed by their parents, they don't qualify for anything. Their parents can get a 500 dollar check for a dependent but the dependent gets nothing. Some folks are crying about this policy saying how "unfair" it is. Of coarse nobody said it was unfair that the parents may have saved several thousand dollars by claiming the dependent.
And for all those who do not understand why someone with zero income gets a check, I have two points to remember. The first is that this is supposed to be a stimulus to the economy, not a benefit to any specific individual. Using that logic, it makes sense to give it to anyone who will spend it inside the US. More importantly though, my second point to remember is that our tax system was turned into a welfare system many years ago. We created a bunch of tax credits, the most famous of which is the misnamed Earned Income Credit, which were "refundable" credits, meaning you could get back more than you paid in through withheld taxes. The additional child credit and some of the educations credits are more examples of this. The stimulus check is actually an advance payment on your tax refund for 2020 because the credit was added to the tax law as a refundable credit for the year. People who do not get it now will be able to get it next year when they file this year's taxes (if they file).
I do not think taxes should be part of the welfare system, and no credit should ever be allowed to exceed the amount paid in. Having said that I have to admit that I took advantage of it and accepted the money when I had all of the kids at home and got their credits in.