OK ... instead of listening to the rumor mill WAIT for the official information to come out in an easy to read format :
Specific guidance has not been provided as far as how the stimulus checks will be sent out.
Please refer to the IRS link below for updates regarding any tax relief.
You can also check back to our page for updates as well.
Because the stimulus checks are coming soon, and it you file your 2019 taxes now you may still have a chance to make certain elections that will affect the check amount. Lacking information from the IRS, as our government has become prone to do as of late, people make their own best guesses, which may be irrational or even paranoid.
For example, another branch of this question relates to the claiming of dependents, is it tax year 2019 or tax year 2020 for which a person claimed as a dependent on another person's return is rendered ineligible for the credit? Reading the language of the law, it would appear to be tax year 2020, although tax years 2018 or 2019 will be used for determining if an advance payment will be made. How permanent the advance payment will be, and whether the credit will be a refundable or nonrefundable credit if claimed later on the 2020 tax return, is a fundamental consideration in the tax elections to be made now.
The President declared a stimulus had to happen and Congress finally passed a BILL which was signed into law which has lots of directives in legal mumbo jumbo and now the IRS has to translate that into english and create the forms/instructions on how this will happen which takes TIME ... so don't expect anything concrete until the end of the week at best. For now everyone is guessing how things will work based on what is being gleaned from the bill and prior history on stimulus checks.
Patience will be needed but the little we are sure of is that they will be basing the check on the 2019 returns if you have filed or the 2018 return if you have not ... it is up to the taxpayer to decide on if they want/need to file either returns. For those on SS or VA benefits who do not normally file they do not need to file to get a check.
Under two separate provisions, (1) there is no payback of the Advance credit, and (2) if it turns out you are due a higher credit on the tax return than what you received, yes, it is a refundable credit.