If EIP 1 and EIP 2 are inadvertently left out (not reported) in Form 1040 for 2020, which causes Line 30 (recovery rebate) to show an erroneous bigger value, what is the best way to deal with it? Assuming the return is accepted by IRS, should a 1040X be filed asap or can it be adjusted/amended when filing 1040 next year (for 2021)? Kindly advise. Thanks in advance.

Kritvarma,

Do not over-react.

Remember that the IRS issued the Economic Stimulus payments, and they know what you got.

So let them review the return and make any needed corrections before you go to the trouble of amending the return.