For those who received the COVID-19 stimulus check last year, the IRS will begin mailing letters to them in late January. The letters are designed to help recipients determine whether they are granted to and should claim the recovery rebate credit on their 2021 tax returns when they file in 2022, according to MONEY.
The Letter 6475
Letter 6475 from the Internal Revenue Service (IRS) is given to recipients to ensure accurate tax returns. The letter will include information about the third stimulus payment and any plus-up payments they have received.
Because of this, the IRS has issued a statement recommending that Letter 6475 is not thrown away, as per MARCA. As many as 36 million families are expected to receive a notice in the mail, which will be crucial when it comes time to file their tax returns for the next fiscal year.
Help Determine Eligibility
The information provided in the letter should make it simpler for them to complete their tax returns. The CTC Update Portal on IRS.gov can be used by those who received advance payments to verify the amount they were entitled to in their accounts. The entire amount of the child tax credit can be claimed by families with dependent children who have not received any advance child tax credit payments. Families who don’t usually have to file a tax return are included in this program.
According to CNBC, in March of last year, qualified recipients began receiving their 2021 stimulus payments. Each eligible taxpayer and each of their dependents can earn up to $1,400 in tax credits. If recipients never obtained a stimulus check or their situation has changed, they may be eligible for additional funds.
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