@Critter - for @fatpanda - not necessarily,,, I think this is what he is stating.
let's say my 2018 income (single) was $85,000.
and my 2019 income (single) was $60,000
the IRS grabbed my 2018 tax return to calculate stimulus. It get's reduced to $700 because I make more than $75,000
but the true stimulus payment is based on my 2020 income!!!
if my 2020 AGI turns out to be more than $85,000, I won't see any additional stimulus because IRS used my 2018 income (and I wished they had used 2019) to determine stimulus. Drat! Bad Timing! If I had known I would have waited to file until after the stimulus payment was received as i would have received then entire $1200 based on 2019 income! (even though my income is greater in 2020 than in 2018, which means my stimulus payment should have been even lower than $700, CARES ACT states i do not have to pay it back! )
If my 2020 AGI turns out to be less than $85,000, I'll get 5% of the delta income back to $75,000 and can ultimately get back the $500 I didn't get originally,
and I suspect - and we don't know - the IRS used whatever they had on March 27 (date of the CARES ACT) so that folks like me wouldn't figure out how to game the system!
