College stimuli check is one of the results of the pandemic. The coming of covid-19 prompted the US government to provide several types of relief for her population. That was what birthed the CARES act; The Coronavirus aid, relief, and economic security Act is a $2.2 trillion economic stimulus bill passed by the 116th U.S congress and signed into law by President Donald Trump on March 27, 2020.
In March 2021, President Joe Biden signed the third stimulus bill into law, and college students are eligible for this round. The first two stimuli have exempted the colleges’ students.
College students can get up to $1,800 in the stimulus. Many college students lost their jobs or had reduced income, which calls for the inclusion of college students in the scheme.
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What Is A College Student Stimulus Check?
College students’ stimulus check is a form of relief provided by the US government for students during the Covid-19 time.
The lockdown caused job loss and revenue for many college students, most of whom sponsored themselves through the jobs they had pre-Covid.
Young adults could qualify for $1,200 from the cares act and $600 from the second round of economic impact payments making it a total of $1,800 stimulus.
College students can claim the stimulus payment in the form of recovery rebate credit if the student has not been claimed as a dependent.
What this means is that a college student will not be able to claim the stimulus if his/her parent or guardian files a claim on their behalf as their dependents.
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Who Is Eligible For A College Student Stimulus Check?
College students are eligible for the stimulus check. Most students could not claim the first and second stimulus checks because dependants 17 years old and above didn’t qualify for a stimulus check.
However, in the third stimulus check, students can now get stimulus in two ways:
- Dependent: if someone claims you on their income tax returns, they get to receive your stimulus when they file a claim
- Independent: if you are financially independent, that is you provide more than half of your financial support, you could qualify for the third stimulus.
This shows that you can get the stimulus if you file your tax returns, meet the income requirement, and have not been claimed as a dependent by your parent or guardian.
You are eligible as an independent if:
- Turned 24, graduated, or started working in 2020: some college students may have received their diploma, married, or turned 24 in 2020. If you have started work and moved out of your parent’s house, you would most likely be eligible for a $1,800 stimulus check ($1,200 for the first round and $600 for the second round). You are eligible because of your lifestyle change between 2019 and 2020.
- However, there are other criteria to be met before you can apply. They include:
- You must earn up to $75,000 as a single adult or $150,000 as a couple. You would not get the stimulus if you earned more than $99,000 as a single adult and $198,000 as a couple by the first round.
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Category Of Students Eligible For Stimulus Check
Students who cater for themselves but don’t usually file tax returns
This category of students fends for themselves, they may still be underage, living in their parent’s house among others; they fend for themselves and earn below $12,400.
This category is eligible for a stimulus check but would not get any because the IRS and Treasury departments have no address to which they can send the checks.
Since you don’t file tax returns, you should contact the IRS to claim your college student stimulus.
Changing your tax status
Students may be eligible for the college student stimulus if they are willing to change their tax status. It would be best if you were careful however since you have a lot of proof to do that you are at least half self-sufficient.
To be able to change your status, you must be able to show evidence of the fact that you cater to at least half of your needs. Students that live on campuses are close to this category, while you that stay at home and have no work will find it difficult to convince the board that you are independent.
This may cost your parent a lot in the long run as they will not be able to file more tax-friendly results if they are single and have no other dependents.
Your parent will pay more than the $1,800 in tax if they file as single with no dependents.
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How To Get A Student Stimulus Check?
You must converse with your parent or guardian before applying for a stimulus. You may need the money, but that doesn’t mean your parent cannot give them to you when they claim you as a dependent.
Going independent will rob your parent or guardian of the chance to pay lower taxes if they do not have any kids to claim again as a dependent. So, have a discussion and when you have come to a common ground to apply for the check, visit the IRS to file your tax information for the past year.
After filling in and you are sure to have filled in your account number and email, the IRS will do the rest by sending the money to your account or mailing you a check-in equivalent amount. It is no big deal; ensure your tax information is complete. You will also qualify for the check even if you owe tax in as much as you submit all the information and documents required for tax filing.
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How Can College Students Use The Stimulus Check?
College student stimulus can be spent anyhow the student sees fit. The stimulus is meant to ease their revenue crisis and could be used in ways the student spent their monies before. Tuition, feeding, clothing, entertainment? There is no restriction on how you can spend the money.
Are stimulus checks repaid?
No! A stimulus is a form of an advance tax refund. It was passed into law to cushion the loss of revenue during the lockdown. It is not a loan. Also noteworthy is that stimulus is not taxable. You will not be taxed on the stimulus you receive. Only incomes and lottery wins are taxable.
FAQs On How To Get A College Student Stimulus Check In 2023
College students’ stimulus check is a form of relief provided by the US government for students during the Covid-19 time.
College student stimulus can be spent anyhow the student sees fit. The stimulus is meant to ease their revenue crisis and could be used in ways the student spent their monies before. Tuition, feeding, clothing, entertainment? There is no restriction on how you can spend the money.
No! A stimulus is a form of an advance tax refund. It was passed into law to cushion the loss of revenue during the lockdown. It is not a loan. Also noteworthy is that stimulus is not taxable. You will not be taxed on the stimulus you receive. Only incomes and lottery wins are taxable.
Conclusion
Stimulus checks are a way of lessening the financial burden caused by Covid-19. Although college students were not qualified for the first and second round of the scheme, they became eligible in the third round given they met the conditions required either as dependent or independent.
Since there is no payback on the stimulus and it is also non-taxable money, it provides an alternative means of funding for college students who provide for themselves. The parent can also get the fee if they file their college kid as their dependents in their tax returns.
Checks are either mailed to the address on your document with IRS or sent to your bank account for tax refunds. You may want to check the IRS for your eligibility.
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