January 21, 2022

IRS Sends Letters This Month About Incentive Checks, Child Tax Credit For Millions

COLORADO SPRINGS, Colorado (KRDO) – If you received an incentive check or received a child discount in 2021, pay close attention to important letters from the IRS about your taxes.

The IRS began sending out letters to advance child tax credit recipients in December, and recipients of the third round of Economic Impact Payments will receive information letters in late January.

The IRS urges those who receive these letters not to throw them away, as they will help file tax returns in the coming months.

In the course of the pandemic, three incentive checks were sent. By law, the third payment of $1,400, which most people received in March 2021, had to be spent by December 31, 2021. If you did not receive a third economic impact payment or received less than the full amount, you are eligible for a Credit for recovery discount on your 2021 federal tax return.

Eligible families who have not received child tax credit advance payments can claim the full amount of the child tax credit on their 2021 federal tax return.

KRDO will speak with a tax expert about what viewers need to know about their taxes and these letters, and will provide updates as they come in.

For more information, click here.

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