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Accounting for Child Tax Credit and Stimulus Checks: IRS Reminds Taxpayers |Complete Info

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On its website, the IRS explains that “incorrect entries when reporting these payments mean that the IRS will need to further review the tax return, which will cause a significant delay.”

Letter 6419 has already been issued by the IRS for the increased child tax credits.

Child Tax Credit payments received by taxpayers in 2021 will be included, according to the IRS. This and any other correspondence from the IRS regarding the advance payment of the Child Tax Credit should be kept with tax records, says the IRS.

Personal finance website GOBankingRates.com reports that some recipients of the enhanced credits are still waiting for their letter to arrive.

If you haven’t received a letter from the IRS since January, “wait a few days to see if it arrives soon,” she advised. To see if your information, such as your current mailing address, is up-to-date, you can use the CTC portal online.

Accounting for Child Tax Credit and Stimulus Checks: IRS Reminds Taxpayers |Complete Info

When it comes to taxes, “Get in touch with the IRS or use the CTC portal as soon as possible,” she advised. In order to avoid owing the IRS any money, this letter is extremely important in determining the correct amount of the enhanced credit that you are entitled to.”

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IRS chief taxpayer experience officer Ken Corbin said that concerned taxpayers can go to IRS.gov and log into their account, which should have the correct information that a taxpayer can use on their return.

According to him, “we want taxpayers to have all the information they need to file an accurate return”.

An additional $3,000 was available to parents with children under the age of six during the months of July through December under the American Rescue Plan-approved enhanced credits. This meant that parents received a monthly payment of $250 or $300 for each child.

Accounting for Child Tax Credit and Stimulus Checks: IRS Reminds Taxpayers |Complete Info

The second half of the tax credit money is now available to CTC-eligible households after they file their tax returns. As a bonus, those parents who didn’t receive those payments last year can finally get those credits as well.

To help those who were eligible for the expanded credit claim the second half of the payments, the federal government has also launched a new website.

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