Can College Students Get the Third Stimulus Check?
In response to the economic fallout caused by the COVID-19 pandemic, the U.S. government introduced several stimulus checks to help individuals and families cope with financial hardships. The third stimulus check, officially known as the Economic Impact Payment (EIP), was part of the American Rescue Plan Act of 2021 and provided eligible Americans with financial relief. But what about college students? Can they qualify for the third stimulus check? In this article, we will explore the eligibility criteria, the specifics of the payment, and what college students need to know.
Understanding the Third Stimulus Check
The third stimulus check, which was distributed starting in March 2021, aimed to provide direct financial assistance to individuals and families. Here are some key details:
- Amount: The third stimulus check provided $1,400 per eligible individual, including dependents.
- Eligibility: The payment was based on Adjusted Gross Income (AGI) and was phased out for individuals earning above certain income thresholds.
- Dependents: Unlike previous stimulus checks, the third payment included $1,400 for each dependent, regardless of age.
- $75,000 for individuals
- $112,500 for heads of household
- $150,000 for married couples filing jointly
- Dependent Students: If a college student is claimed as a dependent on their parents’ tax return, they are not eligible to receive their own stimulus check. This is true even if they earn income from part-time jobs or summer internships.
- Independent Students: Students who file their own tax returns and are not claimed as dependents can qualify for the third stimulus check, provided they meet the income requirements.
- Part-Time Jobs: Income from part-time work contributes to AGI. Students should keep track of their earnings to assess eligibility.
- Scholarships and Grants: Most scholarships and grants do not count as taxable income, which means they won’t affect AGI. However, students should be cautious about any stipends or payments that might be taxable.
- Filing Requirement: Students who earn above a certain threshold (typically $12,400 for single filers in 2021) are required to file a tax return.
- Free Filing Options: Many students qualify for free tax filing services through the IRS or other organizations. This can be an excellent way to ensure they receive any eligible payments.
- Direct Deposit: If the student has previously filed taxes and provided banking information, the payment is usually deposited directly into their bank account.
- Check or Debit Card: If a student did not provide banking information, they may receive a physical check or a prepaid debit card in the mail.
- Non-Filers: If a student did not file a tax return in 2020, they can still claim the payment by filing a 2020 tax return or using the IRS Non-Filers tool.
Who is Considered an Eligible Recipient?
To determine if college students can receive the third stimulus check, it is essential to understand the eligibility criteria set by the IRS. Here are the main points:
1. Age: There is no minimum age requirement to receive the payment, meaning college students can qualify.
2. Income: Students must meet the income thresholds based on their tax filings.
3. Tax Filing Status: Students who are claimed as dependents on someone else’s tax return may not qualify for the payment themselves.
College Students and Dependency Status
One of the most critical factors affecting a college student’s eligibility for the third stimulus check is their dependency status. Here’s how it works:
Dependency Status Breakdown
| Dependency Status | Eligibility for Third Stimulus Check |
|---|---|
| Dependent | Not eligible |
| Independent | Eligible (if income requirements met) |
Key Considerations for College Students
1. Income Levels
For independent college students, understanding AGI is crucial. Many students work part-time jobs while attending school, which may impact their eligibility based on income. Here are some points to consider:
2. Filing Taxes
To receive the third stimulus check, students must file a tax return. Here’s what they need to know:
3. How to Claim the Payment
For independent college students who meet the eligibility criteria, here’s how they can claim the third stimulus check:
Frequently Asked Questions (FAQ)
Can college students who are dependents receive the third stimulus check?
No, if a college student is claimed as a dependent on their parents’ tax return, they are not eligible to receive their own stimulus check.
How can independent college students ensure they receive their check?
Independent students should file their taxes accurately and provide their direct deposit information to the IRS to facilitate the payment.
What if I didn’t receive my stimulus check?
If you believe you are eligible but did not receive your check, you can claim the Recovery Rebate Credit on your tax return.
Are there any other forms of financial aid available for college students during the pandemic?
Yes, there are various forms of financial aid available, including federal grants, work-study programs, and institutional aid from colleges and universities.
What if my income changes after filing my taxes?
If your income changes, it may affect future eligibility for other financial aid programs, but it will not retroactively change your eligibility for the third stimulus check.
Conclusion
The third stimulus check was designed to provide financial relief to individuals affected by the COVID-19 pandemic, and college students may be eligible if they meet specific criteria. Independent students can receive the payment based on their income, while dependent students will not qualify if they are claimed on their parents’ tax return. It is essential for college students to understand their filing requirements and keep track of their income to ensure they receive any financial assistance they are entitled to.
As the pandemic continues to impact the economy, staying informed about available resources and financial aid opportunities is crucial for college students navigating their educational journey. By understanding the eligibility requirements for the third stimulus check and taking the necessary steps to file taxes, students can better position themselves to receive the support they need during these challenging times.
