The IRS is almost done sending out the stimulus checks, and here it is: Sending the letters that will help individuals file their tax returns. However, some people can still get a coronavirus stimulus check in the form of the Recovery Rebate Credit, using one of the letters the IRS will send. The IRS letter will specifically help people to claim the Recovery Rebate Credit.
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Those who received the third stimulus control of up to $1,400 last year should get a letter from the IRS soon. The IRS is expected to start sending the letter in late January and is asking people to keep this letter safe.
“These letters can help taxpayers or their tax professionals prepare their 2021 federal tax returns,” the agency said in a press release. release.
This letter, titled “Letter 6475” and titled “Your Third Economic Impact Payment,” details the incentive money you received last year, including any accrued payments. The extras were the extra payments the IRS sent to people who got the third check based on their 2019 tax return or the information from SSA, RRB, or VA, or to those who qualified for a higher payment based on their tax return 2020.
Taxpayers can use the Letter 6475 to determine eligibility for or claim the Recovery Rebate Credit. The Credit for recovery discount is the difference between the amount of the third incentive check that you were eligible for based on your 2021 tax return and the money you actually received.
“This letter will help Economic Impact Payments recipients determine whether they are entitled to and should claim the Recovery Rebate Credit on their 2021 tax returns that they are filing in 2022,” the IRS says.
So if you were eligible for a third stimulus check but never received it, or if your circumstances changed in 2021, for example if you had another child in 2021, you may be eligible for a Recovery Credit. The IRS letter also describes the process to claim the Recovery Rebate Credit.
IRS sends another letter to CTC recipients
Separately, the IRS sends another letter to the recipients of the child tax credit. This letter, labeled “Letter 6419,” details the advanced child discount you received, including how much money you received, the calculation of the child tax deduction, and more.
“Families who have received advances must file a 2021 tax return and compare the child tax credit advances they received in 2021 with the amount of the child tax credit they can correctly claim on their 2021 tax returns.” says the tax authorities.
Families can use this letter to check the balance of their child tax credit. The IRS began sending the child tax credit letter in December and will continue to send them through the first half of this year.