Economic Impact Payments (EIP) (aka stimulus payments) received for the two rounds of payments are not taxable however they reduce a taxpayer recovery rebate credit on their 2020 federal income tax return.
Everyone who received a payment should have received Notice 1444 (first round) and/or Notice 1444-B (second round). The notice reports the amount of EIP payments and should be kept with the other tax documents to be used in preparing 2020 federal income tax return.
If the Notice(s) are missing or need to verify EIP payment amounts, we recommend setting up an online tax account with the IRS. Individuals can securely access their online account to determine that amount.
Register for an Online Services Account here.
Guidance to Register for an Online Services Account is available here.
Online Services Account Available Information is available here.
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For more information about COVID-19 tax relief measures and other issues, visit the special section on our website.