Denzell Jones, In Motion Editor-in-Chief
In the early months of 2020, a pandemic struck the nation. Covid-19 has led to hardships across the country, leaving millions of Americans out of work. In order to compensate, the U.S government provided aid to citizens across the states. This aid was provided in the form of stimulus checks. As of today, there have been two rounds of stimulus payments provided to Americans. The first payment of $1,200, was sent out in April of 2020. The second payment of $600 was sent out in January of 2021.
According to the Washington Post, approximately one-hundred and sixty-million Americans received the first-round payments. However, only one-hundred and fifty-eight million Americans received the second-round payments. Many families with older children, ages 18 to 26, are being excluded from these payments. Because these children are being claimed as dependents on their parents’ tax returns, their parents have not received the payments due to the cut off age for dependents. In addition, the children are also not seeing a payment because they were filed as dependents.
Daytona State student Deanna Clayton shared her experience. “Although I am back working now, during the early months of 2020 I was out of work. I took out loans and grew my credit debt in order to pay my bills. It would have been nice to receive some form of assistance,” Deanna said. Many students like Deanna seemed to be facing the same struggles. Nancy Clayton, Deanna’s mother, also took time to express her concerns on the stimulus package. “Deanna nor I received any form of stimulus payment, only because I claimed her as dependent on my taxes. I claimed her as dependent, because at the time I was told it would be better for tax cuts,” Nancy said.
For anyone who has not received a stimulus payment, it is still possible to receive a payment when filing 2020 tax returns. The payments would come as a recovery rebate credit. According to the IRS website, “The recovery rebate credit is authorized by Coronavirus Aid, Relief, and Economic Security (Cares) Act and the Covid-related Tax Relief Act. It is a tax credit against your 2020 income tax.” This is otherwise referred to as the stimulus payments. For individuals who have already received both stimulus payments, nothing additional needs to be done on the tax returns.
For those still attempting to get a stimulus payment, the major component that must be completed is filling the 2021 tax returns as an independent. Additional requirements include being a U.S citizen or resident alien in 2020 and having a valid social security number for employment. If someone meets these requirements when filling 2021 taxes, he or she must file form 1040 or form 1040-SR to claim the Recovery Rebate Credit. For additional information, contact your local tax advisor or visit the official IRS website.