@Ebayjackson - the IRS will be sending letters within 15 days of the stimulus payment to explain everything
and I assume your children are under 17 years old, right?
here is the worst case scenario:
- The stimulus payments are really based on your 2020 tax return (income, dependents, etc).
- The IRS is using either 2018 or 2019 – whatever is available - to ESTIMATE that payment
- When you file next year there will be a “settle up” section on the tax return.
- If you are due more stimulus (and this would include where children were left off the payment including children born in 2019 or 2020)), you will receive it through the 2020 tax filing as an additional refund.
- If you received too much, by law, you are not required to return it
