The Internal Revenue Service (IRS) has announced that it would begin mailing the “6475” letter, which refers to the third wave of stimulus payments. According to sources, the letter will be sent to about 36 million homes, and it will help determine if the recovery refund credit may be claimed on the 2021 tax return.
In late January, beneficiaries will get Letter 6475, alerting them of the value of stimulus checks they received the previous fiscal year. The Digital Market News advises you to keep this IRS letter since you’ll need it to start filling out your federal return for 2021.
Letter 6475, according to the IRS, only applies to the third stimulus check cycle, which began in March 2021 and will finish in December 2021. While the time to submit your 2021 taxes is April 18, 2022, the sooner you file, the sooner you will receive a tax refund. Last year, the average tax refund was more than $2,800.
Missing the IRS 6475 letter?
This might include “plus-up” payments, which are extra monies provided by the IRS to persons who were qualified for a higher amount based on their 2019 or 2020 tax returns, or information from the Social Security Administration, Department of Veterans Affairs, or Railroad Retirement Board.
You may have already gotten a Letter 1444-C, which details the amount you were paid and how it was delivered, but you won’t need it to file your 2021 tax return.
According to Mark Steber, chief tax information officer at Jackson Hewitt, you should always keep tax return-related documents: W2s, interest statements, and IRS letters are great records of your account “in case something comes along in the following two or three years.”
You can see Letter 6475 on your IRS account if you don’t receive it or misplace it. If you don’t already have one, go to the IRS website and create an ID.me account to verify your information. This is what you should do with that IRS letter regarding your child tax credit payments, as well as how to file taxes on your phone, according to CNET.