Before you enter the amount of the stimulus payments at the screen Did you get a stimulus payment?, you have been given the full Rebate Recovery Credit (the equivalent of the two stimulus payments). This can be found on line 30 of the 2020 Federal tax return. At this point, this is an 'incomplete' Rebate Recovery Credit.
You can see this on the screen Great news! You qualify for the stimulus credit. The amount is displayed in the center of the page.
After you enter stimulus payment 1 and stimulus payment 2, the credit is offset by the stimulus payments and the 'incomplete' Rebate Recovery Credit is reduced or eliminated.
See this TurboTax Help.
This TurboTax Help states that the Economic Impact Payments (both the first and second) are not considered income, and therefore are not taxable.
However, the state of Oregon is taxing stimulus payments as income.
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