This is from a financial expert in the autism community. I had to chuckle at "consult your tax advisor. I yelled at the Turbo Tax disc, but it didn't answer me. I tried to find a "bend over" graphic, but that search didn't go to well..... KIM
"Update on Stimulus payments. According to the Wall Street Journal, the plan excludes anyone who isn't a child and who can be claimed as someone else's dependent. That includes:
"Some high-school students, college students and some disabled and elderly people, many of whom show up on the tax returns of the people they live with who provide most of their support."
Essentially, once a child turns 17, the parent will not get $500 for them. While not explicitly said, it appears that if your adult child is receiving SSI AND you claim them as a dependent on your tax return, they will not get the $1,200 nor will you get $500 for them (see the example of the 71 year old dependent). Consult your tax advisor to see your particular situation."
Below is the Wall Street Journal article he linked.
Who’s Left Out of Coronavirus Stimulus Payments? Many College Students, Adult Dependents Money will go to adults and children, but millions of others won’t get paid
THE WALL STREET JOURNAL WASHINGTON—The government is preparing to send one-time payments to most Americans to help them cope with the coronavirus outbreak, but that is little comfort for many college students and adult dependents who are left out.
The economic-relief law signed by President Trump on Friday provides $1,200 to most adults and $500 for children under age 17. That money—$292 billion—will start flowing within weeks from the Internal Revenue Service into bank accounts. People with little or no income can qualify, which means money will flow to retired people and people who don’t normally file tax returns. The benefit phases out for individuals with income above $75,000 and married couples with income above $150,000.
However, the plan excludes anyone who isn’t a child and who can be claimed as someone else’s dependent. Who is in that group? Some high-school students, college students and some disabled and elderly people, many of whom show up on the tax returns of the people they live with who provide most of their support.