EIP 1 and EIP 2 (Economic Impact Payments) AKA Stimulus Payments, although received before 2020 tax returns were due, were always to be based on tax year 2020 and your 2020 tax return.
Now the payments are being reconciled on your 2020 tax return.
If you did not get the proper amount, anything under is received as a Recovery Rebate Credit, anything over is simply forgotten.
From what you explain as your situation, you should report what you received for the first round, then half of the second round.
If your 2020 tax return shows you should receive a credit, than that would be what you are due.
YES, the stimulus is recalculated base on what you are filing now for 2020.
According to the IRS
“ If you were not eligible for either or both of the Economic Impact Payments, you may still be eligible for the Recovery Rebate Credit since it’s based on your 2020 tax return information. The Economic Impact Payments were based on your 2018 or 2019 tax information.”
IRS LINK
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