The extension of the increased Child Tax Credit until 2021 is not yet complete. Last year, the majority of families received half of the credit in monthly installments, but there is still money available — $1,800 for children under the age of six and $1,000 for children aged six to seventeen.
Families will get the payments after their 2021 tax forms have been submitted and their tax refunds have been received. Regrettably, IRS errors on a critical notification are making the process more difficult than it has to be.
All of the information you’ll need to “consolidate your Child Tax Credit” when completing your taxes is contained in IRS Letter 6419. If you obtain that paper and discover that the information is incorrect, there are a number of possibilities.
The IRS said it is looking into the situation and will give tools to individuals so they may file their taxes with the most up-to-date information. Individuals are also encouraged to check their advance child tax credit payment information by logging into their online IRS account, as per Unica News.
What to do?
Per CNET, wait for additional guidance from the IRS if the information on your Child Tax Credit letter is incorrect. According to the agency, it is attempting to provide people with the most up-to-date information they require to submit their taxes.
You may also determine if your information has been updated by logging into your IRS account online. You have a variety of alternatives, according to Jaeger, if the information on your account matches the letters but is wrong.
Option 1: So that your tax refund doesn’t get delayed, go ahead and file your taxes with the information on file, and then file an updated return once your IRS account reflects the right amount owing to you.
Option 2: Fill up your tax forms with the amount payable to you. This might create a delay in your tax refund since the IRS will have to process more information. If you choose this path, you may not receive your refund for months.
We don’t suggest contacting the IRS about problems with your notice since call volumes are substantially greater, and you’ll likely be on hold for a long time.