Dear Taxpayer:

Important thing to note before sending your 2020 tax documents to your CPA :

Be sure to include the amount of any Economic Impact Payments you received in 2020 or tell them that you did not receive one or both of the payments. Don't forget it. You do not have to provide them the Notice 1444-A or 1444-B you received from the IRS identifying your payment – but do so if you have it.

These payments are NOT taxable income – but if you did not get the full amount of either check to which you were entitled you can claim a refundable credit for the shortage when filing your 2020 tax return. This is known as Recovery Rebate Credit. Please note that if you got more than you were entitled to you do not have to pay the excess back when filing your 2020 return!