Education

well, you can't file for it now, but here is how it works, so you should eventually get it:

 

  • IRS will use your 2019 (and if it's not filed your 2018) tax return to determine how much to send you now.

HOWEVER what is really going to occur is that the 2020 tax return will be the real determinant of how much you are to receive. 

 

The 2020 tax return will determine your credit based on 2020 income and dependents, etc.  Then the IRS will subtract what was received as a payment over the next few weeks/ months.

 

If that answer is positive, you will receive a tax credit for the remainder as you weren't sent enough originally, 

if that answer is negative, meaning you were sent too much originally, you will not be obligated to return the money,.

 

So let's say your 2019 income was $100,000 so you don't receive a stimulus payment now, but when you complete your 2020 tax return, your 2020 income is only $40,000, then once you calculate your refund / taxes owned, your refund will be increased by $1200 (or your tax due will be reduced by $1200)