@SierraCundy - -this will work itself out, but it will take some time.
These stimulus payments are really an ESTIMATE of what you are ultimately due. So since it's an estimate either 2018 or 2019 tax returns are being used. It isn't explained that way in the press, but i suspect that will occur when we get to January.
When the 2020 tax returns are filled out next year, that will be the basis of the ACTUAL, Your income and dependents will be the basis of this actual rebate. This is where your recently born child will come into the equation as you can add that child to you actual calculation because as I state, everything is based on 2020.
if the actual amount is GREATER THAN the estimate, that additional rebate will come back to you on your 2020 tax return.
if the actual is LESS THAN the estimate, that extra money you received will NOT need to be returned. it's a gift from the IRS. that is written into the CARES ACT.
does that help?
