Why is 2nd stimulus using my 2020 AGI?

[Vnorfi]

TurboTax is using 2020 AGI, not 2019.

[DoninGA]

The stimulus payment is a advance tax credit for 2020 so it is based on your 2020 tax return.

[Vnorfi]

That’s not true. IRS website clearly states it’s based off 2019 AGI. It’s not an advance. 

[Critter-3]

OK  ...  BOTH stimulus payments were an ADVANCE on the 2020 credit.   They used the 2018 or 2019 info to estimate your credit in advance however the credit is reconciled on the 2020 return using the 2020 info which may or may not be good for you.   If you did not get enough in advance then you get more on the 2020 return.  If you got too much in advance then you get to keep the excess ... there are no "take backs".  

Read up here :    https://www.irs.gov/newsroom/recovery-rebate-credit

[Vnorfi]

Well dang. That’s not fair. A check was trying to be deposited to my account but we closed it. And now I find out that we have to just file our taxes and claim it but now it seems like we won’t get the full amount. Although I haven’t completely finished imputing income and deductions. 

[Critter-3]

Well that is the way the cookie crumbles when they try to put out millions of checks in less than a month. Some folks will get the short end of the stick.   Let's see if congress can agree on a third go around sometime before the end of the year.  LOL