itonewbie
Level 15

@George4Tacks wrote:
Recovery Rebate Credit sounds exactly like Economic Impact Payment. Right?

Lol, you're trying to test me. ๐Ÿ™‚ Technically, no.

Too many terms thrown around by the IRS and press.  The proper terminology in the Code for EIP or stimulus payment is actually advance refund - literally, that's an advance of the Recovery Rebate (as it is officially named under ยง6428).

The Recovery Rebate is a credit that will be claimed on the 2020 return and it must be reconciled against the advance refund (i.e. EIP aka stimulus payment) folks received.

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