@ldamario - nope,. it is not considered income. It is considered an advance against 2020 taxes due.... so it will be reconciled on the 2020 tax return. The way it works is as follows, and what your tax return looked like in 2018/ 2019 doesn't matter.....
The IRS will calculate how much you are due based on your 2020 filing status, income and qualified dependents under 17 years old.
Then it will use the result and subtract both payments you have already received. whatever is left becomes a credit on line 30 of your 1040 tax return. If the result is negative, you don't owe the money back.
Currently, TT is only programmed for the 1st stimulus payment so only input the 1st payment when asked otherwise you may get the incorrect result.
make sense?
