How to ensure payment this upcoming tax season
Many dependents over the age of 18 are frustrated with the status of the two reliefs sent to the American people during this COVID-19 pandemic. The main group impacted by the wording of the CARES Act—the document that initiated the stimulus packages in March 2020—are college students.
Many students do not have a stable job out of concern of being unable to balance a work-school life, so their income, which was already limited to monetary transfers from their parents, savings from previous jobs, or maybe a part-time job, is suffering further.
Chaney Segler ‘24 said,“I’m always worried about the pressure I’m putting on my family financially, so for them to not receive anything for me and me to not get anything to help pay for school it makes that pressure even worse.”
Isaiah Franco ‘23 said, “I did not get either stimulus check. Fortunately, I am able to cover most of my expenses between aid and my part time job on campus. The stimulus money however would be super helpful, and I think that 1200 and 600 dollars really do mean a lot to a typical college student.”
Regardless of political affiliation, students, are itching to get their hands on the relief packages sent to almost every other American. Whether it be for covering the costs of textbooks, tuition, groceries, or just having some extra spending money, college students could put these payments to good use and are well deserving.
The CARES Act did include grants of federal money to colleges all over the country, but, unfortunately, as described by Franco, this resulted in unfairness towards the students because they had no say as to where the money went and if it actually helped them as much as a direct deposit would have.
Judson Reaves ‘23, even went so far as to say that he could have used this stimulus money to “…buy textbooks that I may not be able to afford normally.”
Fortunately, it is not too late for students like Reaves. According to the IRS website, “Eligible individuals who did not receive an Economic Impact Payment this year—either the first or the second payment—will be able to claim it when they file their 2020 taxes in 2021. The IRS urges taxpayers who didn’t receive a payment this year to review the eligibility cri- teria when they file their 2020 taxes; many people, including recent college graduates, may be eligible to claim it.”
Therefore, the majority of college students that missed out on these payments, who would have otherwise qualified if not for the dependent status, need to file their taxes in the 2021 tax season as an individual and claim themselves, if they are able to. This will almost guarantee a well-deserved stimulus payment.
Written by Brandi Wylie
