2021
The payment was ISSUED based on 2020.
The credit is based on 2021.
So in other words, the payments were issued in 2021. Since no one filed for 2021 yet (the year was not over) the IRS used 2020 income to send out payments.
The payments are for people within the limits for 2021 income, which why there is the Recovery Rebate Credit.
If you did NOT get a payment because your income was too high in 2020, but you are eligible with your 2021 income, you will get the "missing" payment as a credit.
If you did NOT get a payment because your income was too high in 2020, and it is still too high in 2021, you won't get a credit.
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