As stimulus checks from the IRS start to enter bank accounts, a surprising group of the United States population will not qualify: college students.
According to Forbes, the answer to whether you will receive money during the government payout during the coronavirus pandemic is whether someone claims you as a dependent on their federal tax return.
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Here are the amounts that will be paid to households:
- Individuals: $1,200
- Married couples: $2,400
- Dependent children: $500 (must be less than 17 years old)
According to educationdata.org, 11 million post-secondary students fell between ages 18 and 24 as of fall 2019.
That’s a lot of people who probably won’t qualify for the relief money.
However, if you're a college student within that range who is not claimed as a dependent and who is financially independent, you qualify for a check as an individual.
Taxpayers can use the "Get My Payment" web application from the IRS and Treasury to check their status.
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Here are more of the nitty-gritty qualifications for households receiving $500 for dependents, for those under 17:
- be a U.S. citizen or permanent resident;
- have a valid Social Security number;
- be related to you by blood, marriage or adoption;
- be financially supported by you;
- live with you for at least half of the year;
- meet the requirements of the Child Tax Credit; and
- be claimed as a dependent on your 2018 or 2019 federal tax return.
Many are surprised by the IRS guidelines, especially because it also excludes 17- and 18-year-olds who still live at home while finishing high school, on account of their age.
Though college students may experience financial strain from the coronavirus pandemic, many schools are offering options to support them through other forms of government funding.
»MORE: Georgia colleges getting stimulus grants for students hurt by COVID-19
On Thursday, the government allocated more than $6.28 billion to U.S. colleges and universities to give as grants to students.
"What's best for students is at the center of every decision we make," said U.S. Education Secretary Betsy DeVos in a statement. "That's why we prioritized getting funding out the door quickly to college students who need it most. We don't want unmet financial needs due to the coronavirus to derail their learning."
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