Just another WordPress site

You’ll Need This IRS Notice to Get More Money From the Stimulus Package |Update


Most Americans will receive their full Economic Impact Payment – or third stimulus check-in 2021, but it’s possible that you will receive more money. If you had a baby or added a qualifying child to your family in the previous year, you are eligible for an additional $1,400. You may be owed more money if your income changes significantly in 2021.

The IRS mailed the third checks in January, but those who are eligible for more money can claim the recovery rebate credit on their 2021 tax returns when they file this tax season. The catch is that you’ll need an IRS notice to do so.

You’ll Need This IRS Notice to Get More Money From the Stimulus Package |Update

Beginning in late January, recipients of the third stimulus check received Letter 6475, Your Third Economic Impact Payment. It is regarded as the official record of your stimulus payments for the entire year of 2021. The letter assists in determining whether you are owed more money through the recovery rebate credit. Even if you do not qualify for additional funds, the letter is required to report stimulus funds on your tax return.

Here’s how to ensure you get all of the stimulus money you’re entitled to. Also, find out how parents can claim the expanded child tax credit and when you should file your taxes this year.

What Is the Purpose of Letter 6475 From the IRS?

“The Economic Impact Payment letters include important information that can help people quickly and accurately file their tax return,” the IRS stated in a January release, referring to personal information such as your name and address, as well as the total amount sent in your third stimulus payment.

This could include “plus-up” payments, which are extra funds sent by the IRS to people who qualify for a larger amount based on their 2019 or 2020 tax returns, or information received from the Social Security Administration, Department of Veterans’ Affairs, or Railroad Retirement Board.

You may have already received a Letter 1444-C detailing the amount you were paid and how it was delivered, but this is not what you want to use to prepare your 2021 return.

Read More: This is who will receive the first instalment of $3,600 in New Stimulus Payments, which will arrive in February 2022.

Is It Really Necessary for Me to Keep the Letter?

According to Mark Steber, chief tax information officer at Jackson Hewitt, you should always save tax return-related documents: W-2s, interest statements, and IRS letters are all good ways to keep track of your account “in case anything comes up in the next two or three years,” he says.

“It’s always important, but especially so if you’re due more money — especially if you had a new baby, adopted a child, fostered a child, it’s your year for split shared custody, or any number of other life changes,” Steber told CNET. “All of these circumstances would lend themselves to a bonus payment.”

What Am I Supposed to Do With Letter 6475?

Keep it until you or your tax preparer are ready to file your 2021 federal return, at which point you can use the amount shown on your Recovery Rebate Worksheet to see if any credit applies.

According to the H&R Block website, “having the wrong amount on your return could trigger a manual review,” which could delay a refund for weeks.

Read More: The IRS Has Distributed Its Final Stimulus Checks, but You May Still Be Eligible for Further Funds.

What Should I Do if I Am Unable To Locate My Letter?

You’ll Need This IRS Notice to Get More Money From the Stimulus Package |Update

If you do not receive (or misplace) Letter 6475, you can find information about your stimulus payments on your IRS account. If you don’t already have one, you can create an ID.me account on the IRS website to verify your information.

For more information, see What to Do With That IRS Letter Regarding Your Child Tax Credit Payments and How to File Your Taxes on Your Phone.

What if I Never Received Letter 6475?

If you did not receive a third stimulus check, you will not receive Letter 6475. To view the amount of your Economic Impact Payments, you must first create an IRS online account. If you were eligible for payments but did not receive them, you can obtain them by claiming the recovery rebate tax credit on your 2021 tax return.

Read More: Latest from Stimulus Check: An IRS letter explains whether or not you qualify for a Recovery Rebate Credit.

For more information on stimulus checks and more, check our website by clicking here.

Leave A Reply

Your email address will not be published.