If you claim a dependent on your taxes, you might receive more money in athan you did in the first, if a bill is . There are now that all expand the definition of a dependent in a way that’s sure to , so long as you’re (when and if it happens).
According to the latest proposal under consideration,, the total for child dependents could rise from $500 to as high as $1,000 in a second round. Two other proposals wanted to bring $500 to dependents of any age, including an older relative who lives with you or a college student who doesn’t make enough money to .
Who counts as a “dependent” versus “child dependent” belong to two different categories. Millions of young people didn’t get any stimulus money in the first round because of a legal definition.
Read on for everything you need to know about your dependents when it comes to stimulus payments, and the most you could get. And here are all of the. We update this story with new information on an ongoing basis.
How exactly does the IRS define a dependent?
In terms of tax law, a dependent can fall into two categories: a qualifying child or a qualifying relative. They don’t need to be children, or directly related to you, but they do have to