COVID Tax Tip 2020-154, November 13, 2020
Generally, a self-supporting student who registers will receive a $1,200 payment if they are single or $2,400 if married and file a joint return and the student or their spouse cannot be claimed as a dependent. If they have dependent children, they may also get an additional $500 for each qualifying child.
Only self-supporting students who are not required to file a tax return should use the Non-Filers tool. Dependent students do not qualify. This means any student who is claimed as a dependent by their parents or someone else cannot get a payment.
Recent college graduates may not have received an Economic Impact Payment because they were claimed as a dependent by their parents or someone else. If their situation changes, these graduates may be eligible for the Recovery Rebate Credit when they file their 2020 tax return in 2021.
People who don’t normally file a tax return may be able to register for an Economic Impact Payment quickly using the Non-Filers tool on IRS.gov.
Students who need to or want to file a regular tax return should not use the Non-Filers tool. This includes any student who had federal income tax withheld from their pay and wants to file a tax return to claim a refund. Working students who have a summer or part-time job should consider filing a tax return so they can receive a potential federal tax refund.
Anyone using the Non-Filers tool can speed up the arrival of their payment by choosing to receive it by direct deposit. Those not choosing this option will get a check.
People can track the status of their payment using the Get My Payment tool starting two weeks after they register.
Anyone who misses the November 21 deadline will have to wait until next year to claim the Recovery Rebate Credit, if they’re eligible, when they file their 2020 federal income tax return.