You shouldn’t be shocked if the IRS sends you a letter in the next few weeks.

There is no problem. This agency simply sends information on the third stimulus checks that were distributed in 2021. They will begin to be mailed late January.

Don’t toss it away if you receive one. The IRS states that these letters “can help taxpayers or their tax professionals prepare their 2021 federal taxes return.” said in a release.

The letter is labeled as Letter 6475 “Your Third Economic Implication Payment”, and will contain information about how much stimulus money you have received up to 2021. so-called plus-up payments.

This can help you determine whether or not your 2021 tax return will allow for the Recovery Rebate Credit. This credit will cover the difference between what you got and how much.

Although stimulus checks aren’t taxable they must be reported on the 2021 tax returns which should be filed in spring.

Starting in March last year, the 2021 stimulus checks began to be disbursed to qualified recipients. Each qualifying taxpayer can receive up to $1,400 and their dependents. In some cases, eligible recipients may qualify for additional money even if they have not received any stimulus checks or had their financial circumstances change. You would, for example, be eligible for your own payment if you have another child after 2021.

A lot of families received another letter concerning the CTC payment (2021). It is called Letter 6419 and will contain crucial details about CTC payments such as the amount your family received in advance, the number of qualifying children, and the basis on which the monthly deposits were made.

According to the agency, “Families that received advance payments must… compare what they have received in 2021 and the amount of the child credit they can claim properly on their 2021 tax returns.”

The IRS can be used by families as well CTC Update PortalIRS.gov provides the same information on their payments.

Do not forget that households who did not get the advance payments or were not eligible can still claim this money in their tax returns.

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