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When completing a 2020 tax return, you must indicate whether a taxpayer received their Economic Impact Payments/stimulus. Taxpayers who did not receive Economic Impact Payment 1 or 2, can claim a Recovery Rebate Credit for the amount they did not receive, on 1040 line 30 of their 2020 tax return
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This article discusses Economic Impact Payments and how to enter them on their respective returns.

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What is an Economic Impact Payment?

Economic Impact Payments also called stimulus checks, were one-time direct payments paid to qualifying individuals by the federal government during COVID by the passage of the CARES Act (2020) and the Consolidated Appropriations Act (2021).

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When Were The EIP Payments Issued? 

EIP 1: Created by the CARES ACT in March of 2020 and issued shortly after.

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