Stimulus Check 1 and 2 created an Opportunity for Parents With 17 and Older Dependents

Stimulus check for 2020 were issued by the IRS during 2020 based on 2019 income tax returns. They are reconciling the stimulus checks on the 2020 tax return which is currently being filed. I am finding that many people with children between 17 and 24 that have earned income actually benefit from allowing their children to claim themselves as dependents. Everyone may not benefit from this strategy and the best way to know is to look at it both ways. I can do this for you if you’ll come see me.