@kpopjunkie96 - YES - that is exactly right. it hasn't been discussed too much in the press but these stimulus payments are REALLY based on your 2020 tax status. 2018 and 2019 were just used as a way to estimate it. is a one time thing, but based on 2020! Look at the CARES ACT below, it doesn't say anything about 2018 / 2019 - it says 'the taxable year beginning in 2020'!
here is the line from the CARES ACT:
‘‘SEC. 6428. 2020 RECOVERY REBATES FOR INDIVIDUALS.
‘‘(a) IN GENERAL.—In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by subtitle A for the first taxable year beginning in 2020 an amount equal to the sum of—
(1) $1,200 ($2,400 in the case of eligible individuals filing a joint return), plus
an amount equal to the product of $500 multiplied by the number of qualifying children
(within the meaning of section 24(c)) of the tax payer.
and here is one article from a reputable source that discusses 2020.
https://www.businessinsider.com/personal-finance/will-we-have-to-pay-back-stimulus-check-2020-4
suggest just putting the money to the side and not spending it for the time being if you are nervous Once the fall comes about it'll be more apparent from articles in the press how this will really work. The IRS centers are all closed at the moment in any event,
