In the middle of March 2020, President Donald Trump declared a national
emergency due to the coronavirus pandemic, known as COVID-19. Within days,
governors across the nation started shutting schools, gatherings, concerts,
movie theatres, and non-essential businesses down. As a direct result
of this nationwide shutdown, millions of hardworking Americans lost their jobs.
To help inject cash into the economy and help Americans survive the economic
crisis of 2020, Congress passed the
Coronavirus Aid, Relief, and Economic Security (CARES) Act and President Trump signed it into law on March 27, 2020.
As a part of the $2 trillion economic relief package, individual taxpayers
are to receive $1,200 and married couples who file jointly are to receive
$2,400. Additionally, parents are to receive a $500 stimulus check (one
per family) for each child age 16 and younger.
“The CARES Act provides for Economic Impact Payments to American
households of up to $1,200 per adult for individuals whose income was
less than $99,000 (or $198,000 for joint filers) and $500 per child under
17 years old – or up to $3,400 for a family of four,” according to the
U.S. Department of the Treasury.
What About College Students?
If you are supporting a college student and you claim them as a dependent,
you may be wondering if you’ll receive a $500 check for them. The
answer is, “No, you will not receive a check for your college student.”
the age cutoff is 16. Even if you have a 17 or 18-year-old high school junior or senior, you
wouldn’t receive a check for them either.
“Can my college student get their own $1,200 check?” It depends.
Not if you claim them as a dependent on your taxes. However, if your son
or daughter is 100% self-supporting and you do not claim them as a dependent,
they should be entitled to their own $1,200 check. The only reason they
wouldn’t be is if they owe back child support, in which case their
check could be reduced or eliminated entirely.