(JustPatriots.com)- The IRS has begun issuing important notices to American taxpayers about 2021’s stimulus payments and the Advance Child Tax Credit. The letters, which are being sent directly to peoples’ homes, will be sent by the end of January, and letters relating to child tax credit started being issued in December and are expected to continue throughout the start of this new year.
Those who receive the letter are encouraged to hold on to them in preparation for filing their 2021 federal tax returns, the IRS says.
Later this month, the IRS is also expected to begin sending out Letter 6475, which is the third economic impact payment. Americans received $1,400 in March of 2021, and it also included some “plus-up” payments to people who qualified for additional money based on how their income changed between 2019 and 2020.
The new letter will reflect the amount that has already been paid and what each individual is entitled to. That information will determine whether the individual taxpayer is entitled to file for the Recovery Rebate Credit to make up the difference.
In the child tax credit letter – Letter 6419 – will include the amount of Child Tax Credit payments issued last year, and the number of children qualifying for the payment will be used to calculate advanced payments. The letter should be kept as part of each individual’s tax records, the IRS says.
Monthly child tax credits started in July but expired in December of 2021, and provided up to $300 per month for every child under the age of 6.
