By Jasmine Singletary | firstname.lastname@example.org
Now that there is talk about a third stimulus check, many college students wonder if they will be receiving funds after being left out of the first two distributions of checks.
The first stimulus of $1,200 and the second of $600 had stipulations on who could receive the funds.
According to IRS.gov, “Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child.”
[epq-quote align=”align-left”]The first stimulus of $1,200 and the second of $600 had stipulations on who could receive the funds.[/epq-quote]
Whitney Smith, a Radford University senior, said, “I received both of the checks, so I’m thankful for that. Unfortunately, I know way too many students who are putting themselves through college that didn’t receive anything, and I’m sure that money could have really helped them.”
The IRS mentions “qualifying child” to be eligible for the $500. This is someone whose parents are still claiming them on their tax returns.
As long as you are under age 17, or age 24 and a full-time student for at least five months of the year, your parents are eligible to claim you on their taxes. Though they claimed you, it wasn’t a guarantee that your parent would receive the $500 because the stimulus check left out some college students on the first and second checks.
As for the third check, there is good news for college students. Under the latest provisions, students are eligible to receive the $1,400 stimulus payments.
Alasia Lee, a Radford University senior, said, “Students should have been included the first time. Not only because of the amount of average debt students have. Especially during a pandemic, most students are in a phase between finding stability for themselves and still needing assistance. I wish this country was more prepared for taking care of its citizens.”
There is a way for students to get the two previous stimulus checks. The IRS is issuing Recovery Rebate Credits.
[epq-quote align=”align-right”]Under the latest provisions, students are eligible to receive the $1,400 stimulus payments.[/epq-quote]
According to IRS.gov, “If you’re eligible for the credit, and either we didn’t issue you any Economic Impact Payments, or we issued less than the full amounts, you must file a 2020 tax return to claim the Recovery Rebate Credit even if you are not required to file a tax return for 2020.”
Caleb Mayer, a Radford University junior, said, “I didn’t know that there was a way to try to get the previous checks; that is good to know. I hope the checks go out sooner rather than later, so people who can’t find a job will be able to pay their rent.”
President Joe Biden hasn’t signed a bill yet for anything to be distributed. Democrats hope that it will be signed on March 14 and payment can start to go out.