Did you receive Economic Impact or Advance Child Tax Credit Payment?
Keep Letter 6475 for your tax preparation and your personal records
You could delay your 2021 Tax Refund if you do not accurately report EIP and Child Credit amounts received.We all remember the endless debates over Economic Relief Payments during the extensive lockdowns during the COVID crisis. Most Americans earning less the $75,000 (single-filing)/ $150,000 (MFJ) became entitled to relief payments that should have been paid out by December 31, 2021.
In early 2022, we'll send Letter 6475 to the address we have on file for you confirming the total amount of your third Economic Impact Payment and any plus-up payments you received for tax year 2021. You will need this information to accurately calculate your 2021 Recovery Rebate Credit when you file your 2021 federal tax return in 2022.
References:
Economic Impact Payments
AMERICAN RESCUE PLAN: TREASURY’S PROGRESS AND IMPACT AFTER SIX MONTHS
Assistance for American Families and Worker
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