~ Author – Blaise Petrone, Deluzio & Company, Staff Accountant I ~
The IRS has recently issued letters to assist taxpayers in filing their 2021 tax returns. If you have received a letter that has the following information, please send it in with your other 2021 tax documents and be careful not to throw it away. What to look out for:
- Taxpayers who received the Advanced Child Tax Credit (AdvCTC) should have received a letter from the IRS that verifies the amount received for the AdvCTC. Eligible taxpayers who received AdvCTC payments should file a 2021 tax return to receive the second half of the payment. Any eligible taxpayers who did not receive AdvCTC payments can claim full credit by filing a 2021 tax return.
- Taxpayers that received a third Economic Impact Payment (EIP) in January of 2021 will receive Letter 6475 from the IRS beginning in late January 2022. Letter 6475 will help the taxpayer determine if they are eligible for Rebate Recovery Credits (RRC) for missing stimulus payments. To receive the missing RRC, taxpayers must file a 2021 tax return to claim missing stimulus payments. IRS tool irs.gov/coronavirus/get-my-payment will also show the taxpayer their EIP amounts.
If you have any questions on this information, please feel free to contact our office.