Receiving a letter from the Internal Revenue Service is seldom a sign of good news, and it may be frightening. The IRS, on the other hand, is sending a significantly more pleasant message to millions of individuals about the stimulus payment. The letter is important, and you should save it since you will need it to file your tax returns this year.
The IRS letter explains the stimulus money you got last year in great detail. You’ll have to account for it in your tax filings. The letter will also help you get any pending stimulus check amounts that you missed last year.
These letters are also important for the expanded Child Tax Credit payments you’ve been receiving since July 2021, but you’ll get that information in a separate letter from the IRS.
The IRS letters Nos. 6419 and 6475 include information that you should be aware of. The letters were sent out for the first time in the final week of January.
The letter will assist stimulus check recipients in determining whether they are qualified for the RRC, or Recovery Rebate Credit. Which they will get in exchange for filing their 2021 income tax returns in the first quarter of 2022.
Two IRS Letters Are Important For Your Stimulus Check Payments
Letter No. 6475 is only applicable to the third phase of the stimulus check, the Economic Impact Payment, which was first paid out in March 2021. The letter informs residents that the third stimulus cheque has been sent to them. However, qualified persons who may have missed out on the checks could submit a claim to the RRC for the tax years 2020 and 2021.
Letter No. 6419 was sent from late December to early January. The amount of the CTC payments received by the taxpayer between July and December 2021 is included in this second letter. The letter includes advice to save it for filing tax returns in 2021.
Also Read: How Much Stimulus Money Is Coming Your Way In 2022?
The RRC is only applicable for the 3rd stimulus check amount that is absent. The amount due under the Child Tax Credit will be immediately adjusted, either as a refund check or against income tax due.
