To enter the stimulus payments that you received on your tax return, search for stimulus while inside of your federal return. Use the Jump to stimulus link in the results to be taken to the questions. You will enter the amount of the first payment and then the amount you received for the second payment. If TurboTax determines that you did not receive the full amount you qualified for, the amount you were shorted will show up on Line 30 of Form 1040. And TurboTax will automatically transfer that information to the Oregon return.
If your AGI is over the limit for the credit, you won't get the questions and you don't have to enter anything about the payments on your federal return. Also, if you received the exact amount you should have, there is no credit to be claimed. Your recovery rebate is $0 in this case, and nothing needs to be entered on the Oregon return.
You do not have to pay Oregon income tax on the stimulus payments, not directly anyway. Oregon reduces your taxable income by your federal tax liability. But they make adjustments to that reduction. Your stimulus payment(s) and the recovery rebate (if you did not receive your full payments) are subtractions to your federal tax liability number on your Oregon state return Line 10 of Form 40). So, the reduction to taxable income is less which equates to a higher taxable Oregon income.
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