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Some College Students may qualify for an Economic Impact Payment

If you are a self-supporting college student who doesn’t file a tax return you made be eligible to receive an economic impact payment. It is important to note that the deadline to file using the non-filers tool is 3:00 PM on Saturday November 21st. The tool to register online can be found at the following link:

https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here

A self-supporting student who registers and qualifies will receive a $1,200 payment if they are single and $2,400 if married and file a joint return (as long as the student or their spouse cannot be claimed as a dependent). The student may also get an additional $500 for each qualifying child.

Only self-supporting students who are not required to file a tax return should register using the non-filers tool. If the student is a dependent on their parents tax return or a dependent on someone else’s tax return then they do not qualify for this payment.

The IRS also has a tool where you can track the status of your payment starting two weeks after they register:

https://www.irs.gov/coronavirus/get-my-payment

If you miss the November 21 deadline and qualified for a payment you will have to wait until next year to claim the Recovery Rebate Credit when you file your 2020 tax return.

Please consult your tax advisor on all the above information

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