The stimulus payout is based on your 2020 income so you'll be able to reconcile your stimulus payout when you file your 2020 income tax return.
Per TurboTax Blog: What the Coronavirus Stimulus Package Means for You:
- The stimulus check will be paid this year based on information from your most recent tax return and will be reconciled in tax year 2020 to ensure you received the correct rebate amount.
- If you are underpaid based on your 2020 income you may receive more credit.
- If you are overpaid you don’t have to pay it back.
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