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January 05, 2022 | Posted in:

New IRS Letters for Recipients of the Child Tax Credit Advance and Third Stimulus Payments

Letter 6419 – Advance Child Tax Credit Payments

Recipients of the 2021 advanced Child Tax Credit (CTC) monthly payments should be on the look out for a new letter being sent out by the IRS. Beginning late December and continuing through January 2022, IRS Letter 6419 will include the total amount of CTC payments received in 2021 and the number of qualifying children used to calculate those advance payments. A separate letter will be sent to the taxpayer and to the spouse, with half of the advance payments shown on each letter.

Taxpayers will need this letter in order to file their 2021 individual tax return. Not having this letter could delay the processing of your return or your tax refund.

Families who were eligible for the CTC, but opted out of monthly payments, can claim the full amount of the Child Tax Credit on their 2021 federal tax return, due by April 18, 2022.

The IRS has stated that the information should also be reflected in the IRS CTC Update Portal.

 

Letter 6475 – Third Economic Income Payments (Stimulus Checks)

Like the advance CTC letter, recipients of the third Economic Impact Payment should also expect a letter from the IRS that should be saved in your tax records to quickly and accurately file your tax return this year. IRS Letter 6475 will summarize any funds the taxpayer received for this stimulus payment, which began in March 2021 and continued through December 2021, including any plus-up payments based on the filing of a 2019 or 2020 tax return.

While most taxpayers have received their payments by now, those who are still missing stimulus payments should review the information to determine their eligibility and whether they need to claim a Recovery Rebate Credit for tax year 2020 or 2021.

 

More information about the advance Child Tax CreditEconomic Impact Payments and other COVID-19-related tax relief may be found at IRS.gov, or you can turn to an Alloy Silverstein Accountant and Advisor.

 

Additional Resources:

 

 

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