Financial Relief for Young Adults During the COVID-19 Pandemic

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My name's Austin, and I'm a sophomore attending Oregon State University. Many young adults and I are receiving no financial relief during the COVID-19 pandemic.

Congress recently passed H.R. 748. This will provide $1,200 for taxpayers who:

  • Make under $75,000 per year;
  • Cannot be claimed as a dependent on someone else's taxes.

Many young adults will be claimed as a dependent on their parents' 2019 taxes, making them ineligible to receive financial relief. This is especially devastating for college students who are losing their on campus jobs and need to cover a large number of their expenses such as books, housing, and tuition costs.

H.R. 748 also fails to provide any additional relief for parents claiming the young adult as a dependent. H.R. 748 states taxpayers with children will receive "an amount equal to the product of $500 multiplied by the number of qualifying children (within the meaning of section 24(c)) of the taxpayer."

The referenced section 24(c), which regards the child tax credit, states, "The term 'qualifying child' means a qualifying child of the taxpayer (as defined in section 152(c)) who has not attained age 17."  

This means anyone claimed as a dependent who is between 17-years-old and 24-years-old will receive no form of financial relief.

This is financially devastating to young adults, college students, and their families.

Congress must pass a bill that will provide financial relief for young adults who can be claimed as a dependent.

Please send any questions to austinlgoergen@gmail.com.