Calcluating the proper stimulus amount. I claim my son every other year. 2020 was my year. Should stimulus be based on 2020 or 2019? Same for income level?

[xmasbaby0]

Yes and yes.

The stimulus money you get for claiming your children is based on your 2020 tax return.    When they hurried to send out checks last year they could not wait for people to file tax returns so they used either 2018 or 2019 information that was in the system already.   

But the credit was an advance on a credit you get on your 2020 return.   The way it worked means  in some divorce situations etc when parents "take turns" with claiming the child etc. a parent may have gotten the stimulus for a child based on their 2018 or 2019 return and they do not have to pay it back even if they did not claim the child for 2020.   But .....the parent who does claim the child in 2020 gets stimulus for the child---in other words stimulus is being paid out twice for the same child in many cases.  That is how they wrote the law.

You do get to claim all the stimulus money for round #1 and round #2 for the children who are claimed on your 2020 tax return.

From the IRS:

A1. Generally, if you are a U.S. citizen or U.S. resident alien, you will receive an Economic Impact Payment of $1,200  ($2,400  for a joint return) if you (and your spouse if filing a joint return)  are not a dependent of another taxpayer and have a Social Security number valid for employment and your adjusted gross income (AGI) does not exceed:

• $150,000  if married and filing a joint return
• $112,500 if filing as  head of household or
• $75,000  for eligible individuals using any other filing status
  Your payment will be reduced by 5% of  the amount by which your AGI exceeds the applicable threshold above.

You are not eligible for a payment if any of the following apply to you:

• You may be claimed as a dependent on another taxpayer’s return (for example, a child or student who may be claimed on a parent’s return or a dependent parent who may be claimed on an adult child’s return).
• You do not have a Social Security number that is valid for employment.
• You are a nonresident alien.
  The following are also not eligible: a deceased individual or an estate or trust.

[MinhT1 · Accepted solution]

In fact, both the stimulus payments are advanced payments of the 2020 Recovery Rebate Credit.

Please read this IRS document on the Recovery Rebate credit.

The eligibility and amount of the stimulus are based on your 2020 tax return (dependents and income).

You are eligible to receive the stimulus payments for your son if you claim him in tax year 2020.

The IRS says in this document:

Parents who are not married to each other and do not file a joint return cannot both claim their qualifying child as a dependent. The parent who claimed their child on their 2019 return may have received an additional Economic Impact Payment for their qualifying child. When the parent who did not receive an additional payment files their 2020 tax return next year, they may be able to claim up to an additional $500 per-child amount on that return if they qualify to claim the child as their qualifying child for 2020.