Received stimulus based on 2018 dependents but 2019 changed, what now?

[JustAnother]

I received my stimulus deposit for myself, wife, and grandchild i claimed as a dependent in 2018.

NOW, I'm doing my taxes, and my son's, and my grandson will be claimed by my son, as well as my new granddaughter who arrived in 2019.

So based on online-turbotax calculator, my son should receive 500 for each child. 

But they already sent me the $500 for one grandkid.

He will file taxes this week, as will I.

What happens now?

What do I / he need to do in order to get the $500 for the new granddaughter?

Will I need to give back the $500 for grandson, and will IRS pay him for the grandson?

Please advise.

[NCperson]

there isn't a lot of guidance on how the IRS would handle a situation like this.  

here is what is known: 

• 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 you simply never received it), you will receive it through the 2020 tax filing as an additional refund
• If you received too much stimulus, by law , you are not required to return it

So what I am saying is if your son files with the two children, in case he does not receive the extra $500 stimulus after the 2019 return is processed, it will all work out in 2020 tax return as there will be an additional $500 refund to reflect the daughter. 

[JustAnother]

Thanks for sharing this info as I wasnt aware of the 2020 'settle-up'.

My son should get the $500 for my grandson,

Thanks NCperson.