If you are the parent of a college student who does not file a tax return and whom you are not claiming as a dependent on your tax return, there is an important deadline looming.
In order to receive an Economic Impact Payment of $1,200 from the U.S. Treasury, the student needs to register with the IRS using the Non-Filers tool by 3 p.m. EST Saturday, Nov. 21. (The tool is also available in Spanish.) This Non-Filers tool is only to be used by people who were not required to file a 2019 tax return (and did not receive an EIP).
The $1,200 is the EIP for college students who are single. Married college students receive $2,400 if neither spouse is claimed as a dependent. An additional payment of $500 for each qualifying child of the student is also available.
The Non-Filers Tool
You need to be aware the Non-Filers tool is not to be used by students who need to or want to file a regular tax return.
The IRS warns that “This includes any student who had federal income tax withheld from their pay and wants to file a tax return to claim a refund. Working students who have a summer or part-time job should consider filing a tax return so they can receive a potential federal tax refund.”
When using the Non-Filers tool, the student should indicate that he or she would like the EIP deposited directly into his or her bank account. That will speed up processing compared with getting a check in the mail. The student can track the status of the payment using the Get My Payment tool starting two weeks after registering with the Non-Filers Tool. The IRS cautions that the application will give the message “Payment Status Not Available” until the payment is scheduled.
MORE FOR YOU
Uncertain About Eligibility?
If you are unsure about your college student’s eligibility for the EIP, you can find more information at the IRS Economic Impact Payment Information Center page, including a list of topics that include answers to commonly asked questions. Also read “IRS To College Students: It’s Not Too Late To Register For A Stimulus Check.”
EIPs came out of the CARES (Coronavirus Aid, Relief, and Economic Security) Act, which was signed into law in March 2020.
Miss the Deadline?
What if your college student is eligible but misses the Nov. 21 deadline? Your child should file a 2020 tax return next year to claim a Recovery Rebate Credit. The same is true for any recent college graduate whose status as a dependent might have changed.
If you are the parent of a college student who meets the eligibility requirements of the EIP, don’t miss the opportunity to give him or her the gift of advice (and a check). File before 3 p.m. on Saturday, Nov. 21. Earn an extra $1,200 for your trouble — a nice unexpected gift for your college student.