Has anyone looked into removing a child as a dependent from their taxes in 2019 in order by receive the COVID unemployment insurance? Is it illegal to not take advantage of one tax break to receive another? Is there risk that I might file an amended tax return, pay more taxes due to the loss of the dependent, then not receive the extra COVID payments. My kids did have earned income in 2019 and did file taxes. Thanks
I'm torn on this one too. I have 3 kids (21,20,17) and they are all "dependent" on my for financial support, however claiming them as dependents on my taxes does nothing for me, and nothing for them. I think I can not claim them on my taxes, but on their tax form, the question isn't "Is someone else claiming you as a dependent", the question is "Can someone else claim you as a dependent".
I think I have to answer Yes to that second question, then they are not eligible for any tax credits.