You are correct on all statements. Stimulus payments received for a child in rounds one and/or two are based on prior year return information.
The Recovery Rebate Credit is based on tax year 2020 returns. So if you claim a child under age 17 on your 2020 return that child would be eligible for the Recovery Rebate Credit.
You will total your stimulus payments received and if that total is below what your 2020 tax return says you should get, a credit will be added to your tax return.
If the total received is at or above what your 2020 return says you should receive, then no credit will be added.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
