I only knew this because I have a very similar situation to yours... I still claim my son as a dependant and he's over 16 so I won't get the $500 and he won't get the $1200
It's 16 and under.
We won't receive anything, neither will our 18 year old who lost her job because of this. She's in that age gap that is falling through the cracks.
If you have kids 16 and under, you may get something for them...I don't believe kids have income limits...
IIRC the only reason they'd look back at the 2018 return is if 2019 was not filed.But the IRS is not privy to the details on the divorce degree. So depending on the actual situation it could be that one part is technically entitled to it when they file taxes for 2020 but the other parent actually got it in 2019 (based on 2019 tax filings).
In the situation you are talking about yes.IIRC the only reason they'd look back at the 2018 return is if 2019 was not filed.
Ds19 was still a dependent on our 2018 return. For 2019 he no longer qualifies so I made sure he filed his 2019 asap to prove his is no longer our dependent. At this point I would think they wouldn't look back and say, "Hey but you used to be a dependent before!"
It's water under the bridge now.
In the situation you are talking about yes.
I was talking about a split custody arrangement where odd years a parent A claims the child, then even years parent B claims the child. Since they are looking at 2019 (or 2018) taxes for a credit that is actually for 2020, it could cause all kinds of interesting situations.
Nada. We made over the income limits last year but live in California now. People in high cost of living states are getting screwed. Factor in Hubby is furloughed at part time so we could use the money right now and will make below the limit this year... then our daughter who is 23 is now independent for 2020 graduated college last year and is working in Texas but we claimed her, she will get nothing either because we claimed her.
They are not taxable income. All of the information about them is out there, if people choose to look for it. The IRS has a comprehensive list on its site.I'm still personally interested to see how this whole thing is going to work out at the end. My wife wants to donate ours. I told her that's fine but I want her to realize that my bet is that this is going to cost us a lot more than the donation. Purely speculative, but I think these checks are going to be at the very least, taxable income next year. I actually think that they are going to eventually come up with further income caps once the dust settles and I can see all of it having to be repaid based on what your 2020 reported income will be.
Who knows but I told her that at the very least, I want her to consider it at 30% loan and plan on taxes so at least think about that before you give it all away.
They are not taxable income. All of the information about them is out there, if people choose to look for it. The IRS has a comprehensive list on its site.