Client has asked about the third stimulus payments issued this year. The parents did not qualify due to their income. Are their two children denied the payments because their parents did not qualify?
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It depends on whether the two children are claimed as dependents on the parents' return.Uncle Sam, CPA, EA. ARA, NTPI Fellow -
Or could be claimed.Originally posted by Uncle Sam View Post"You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe HowardComment
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There is a question right on the front page of Form 1040 that asks if you could be claimed as a dependent.Originally posted by Burke View Post"You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe HowardComment
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The children are claimed as dependents so are they entitled to the stimulus payments even though their parents are not due to income exceeding the threshold?Comment
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No, they are denied the payments because dependents do not qualify. Even if the parents' income was below the threshold, it is the parents who would receive the payments, not the children.Originally posted by Forensicacctnt View Post
"You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe HowardComment
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