What is an Economic Impact Payment?

Economic Impact Payment (also known as EIP) is the official name for the stimulus payments that were issued in 2020 and 2021. The first payment is sometimes referred to as EIP1, the second as EIP2, and the third as EIP3. There were no EIP/stimulus payments issued in 2022 or 2023, so you cannot claim any missing payments on your 2022 or 2023 tax returns.