The Recovery Rebate Credit was added to 2020 individual tax returns in order to reconcile the Economic Impact (stimulus) Payments issued in 2020. You will record the amount you received in stimulus funds, if any, on Form 1040 U.S. Individual Income Tax Return, Line 30.
If you received the full amount you qualified for, no further action will be taken. If, however, you received less than you qualified for, you have the option of crediting your taxes by the amount you are still owed. If you received too much in stimulus funds, you will not need to repay anything.
More information can be found in the IRS Fact Sheet regarding the Recovery Rebate Credit.
To enter or review your Recovery Rebate information in TaxAct: