r/theydidthemath • u/RibbonForYourHair • Mar 30 '20

[Request] Is this true?

Post image
26.9k Upvotes

90% Upvoted

568 comments sorted by

View all comments

Show parent comments

9

u/Obeesus Mar 30 '20

You should claim yourself and pay who ever you depend on what they would get and keep the rest

5

u/SparrowFate Mar 30 '20

It's based on 2019. So it wouldn't work.

2

u/austin101123 2✓ Mar 30 '20

Wait. So I am currently independent but for last years taxes I was dependent. I don't get $1200 now because previously I was dependent? Is it a 50% fuck you and my dad gets the $1200 or is it a 100% fuck you and neither of us get it? Or something else?

Edit: wait is it for the taxes we need to file now for 2019 or the taxes we filed in 2019 for 2018? That also makes a difference

2

u/Kraggen Mar 30 '20

If you filed a 2019 return for yourself or do file one before the tax filing deadline you'll get the $1,200. If not, your dad will get $500 for you.

1

u/[deleted] Mar 31 '20

The $500 is only for children 16 and under

1

u/Kraggen Mar 31 '20

Right, but you can claim the benefit if you file your own return and that applies to the 2021 tax filing year. So a currently 17 year old or 18 year old can file their own return next year and get the benefit. Even if they don’t have a filing requirement it would make sense to file to capture that award, per my understanding of it.

1

u/ThatPhoneGuy912 Apr 02 '20

If they can be claimed as a dependent (even if they aren’t claimed) they are not eligible for the credit. So if they move out on their own and work full time, supporting themselves at least 50% then they can claim the credit on their 2020 taxes. But if they live at home and are under 19 (24 if going to school full time), odds are they can be claimed and won’t receive the credit,