HomeStimulus CheckHave you received all your stimulus funds? Make sure you check this...

Have you received all your stimulus funds? Make sure you check this IRS letter

The IRS said on Wednesday that it has sent out all of the third-round stimulus checks from the American Rescue Plan, but you might still receive more.

Letter 6475, Your Third Economic Impact Payment, is an important IRS letter that you must receive in order to collect any more funds. The letter is the official documentation of your previous year’s “Economic Impact Payment,” or stimulus funds.

Have you received all your stimulus funds? Make sure you check this IRS letter

Last year, the majority of Americans received their complete stimulus check payments. Whether you’re not sure, Letter 6475 will “assist Economic Impact Payment recipients in determining if they are entitled to and should claim the recovery rebate credit on their 2021 tax returns when they file in 2022,” according to the IRS.

The IRS sent approximately 160 million checks totaling up to $1,400 per adult and an additional $1,400 per dependant in the third round of Economic Impact Payments. If you had a new baby or added an eligible kid to your family last year, you are eligible for an additional $1,400 payment per new child.

Furthermore, the third stimulus payment was computed using 2020 tax rates. If you had less earlier in the year, you’ll need Letter 6475 to claim any additional amount from an adjusted recovery rebate tax credit on your tax return this year.

You will not get Letter 6475 if you have never gotten a third stimulus check. Rather, you’ll be needed to form an IRS online account in order to see the amount of Economic Impact Payments you’re eligible for.

Also Read: This tax season, eligible parents will receive the final $1,400 stimulus checks

If you prove that you did not get a third stimulus check and that you are eligible, you may claim the recovery rebate tax credit on your 2021 tax return to receive the payment.

Here’s how to make sure you get the full amount of stimulus money you’re entitled to. Also, learn how parents may take advantage of the increased child tax credit payments this year and when they should submit their taxes in 2022.

What is the purpose of IRS Letter 6475?

Have you received all your stimulus funds? Make sure you check this IRS letter

“The Economic Impact Payment letters provide crucial information that may help consumers quickly and effectively file their tax return,” the IRS noted in a January release, along with personal data like your name and address, and the total amount is paid out in your third stimulus payment.

This might include “plus-up” payments, or money the IRS awarded to Americans who were eligible for a larger amount based on their 2019 or 2020 tax forms or data received from the Social Security Administration, Veterans Affairs Department, or Railroad Retirement Board.

You may have already received a Letter 1444-C, which details the amount you were provided and how it was sent, but this isn’t the information you need to file your tax return for 2021.

Also Read: You will automatically receive $1,100 in stimulus payments and $2,000 in cash requests

Is it necessary for me to keep the letter in a safe place?

According to Mark Steber, chief tax information officer at Jackson Hewitt, you should always properly retain documentation relevant to your tax return: W2s, interest statements, and IRS letters provide a complete account history “in case something comes up in the following two or three years,” he says.

CNET spoke with Steber. “It’s always essential, but it’s more critical if you’re due extra money — particularly if you had a new baby, adopted a kid, fostered a child, it’s your year for split joint custody, or any number of other life events,” she adds.

What am I supposed to do with Letter 6475?

Have you received all your stimulus funds? Make sure you check this IRS letter

Unless you or your tax preparer are ready to submit your federal return for 2021, then use the amount shown on your Recovery Rebate Worksheet to see whether any credit is available.

“Having the incorrect amount on your return might prompt a manual review,” according to the H&R Block website, which could delay a refund for weeks.

What if I’m unable to locate my letter?

If you don’t get Letter 6475 (or if you misplace it), you may obtain all of your stimulus payments information via your IRS account. If you don’t already have one, you may verify your information by creating an ID.me account on the IRS website.

James Carter
James Carter
Coffee is my favourite thing to drink. I also love meeting new people and discussing the world. I'm your go-to guy if you want to learn more about anything, especially if you're wanting to get the latest info about your favourite celebs.
RELATED ARTICLES

Leave a reply

Please enter your comment!
Please enter your name here

Most Popular