The IRS letter 6475 is related to the stimulus check you most likely received last year, and it is even more essential for people who missed stimulus payments this year to claim Recovery Rebate Credit.
What is letter 6475?
According to H&R Block, IRS Letter 6475 is the official method by which the Internal Revenue Service will record your 2021 Economic Impact Payment (EIP, also known as a stimulus payment).
Similar to a tax form, the letter will explain your personal information, specifically your name and address, as well as the entire 2021 EIP amount that the IRS granted you. Anyone who got a stimulus payment in 2021 will receive letter 6475.
The IRS letter can assist taxpayers in determining if they are owed additional money and whether they are able to claim the Recovery Rebate Credit on their 2021 tax return if they submit a return this year. Even if you are not owed any further funds, you will require the letter to record any stimulus payments on your taxes.
The IRS stated that most Americans got their stimulus checks in 2021. Letter 6475 will help recipients of Economic Impact Payments decide if they are eligible to claim the recovery rebate credit on their 2021 tax returns when they file in 2022.
According to CNET, in the event that you missed the stimulus check, you won’t receive Letter 6475. Your Economic Impact Payments can be viewed online, but you must first register an IRS online account.
It is possible to claim the recovery rebate tax credit on your 2021 tax return if you can demonstrate that you missed the stimulus payment.
How much is Recovery Rebate Credit for 2021?
During this tax season, you should double-check to make sure that you’ve received the entire amount of the third stimulus that you’re entitled to receive from the government. If you owe more money than you can afford to pay in taxes, you must submit a federal income tax return in 2021 in order to claim the Recovery Rebate Credit, as per USA Today.
For tax returns filed in 2021, the maximum Recovery Rebate Credit is $1,400 per individual, including all qualifying dependents who are claimed on the tax return in question. For example, a married couple with no dependents may be eligible for up to $2,800 in assistance.
As we have mentioned before, if you don’t receive or misplace Letter 6475, you can find it on your IRS account by logging in. If you don’t already have one, go to the IRS website and register for an ID.me account so that you can verify your information more effectively. How to deal with the IRS letter regarding your child tax credit payments, as well as how to submit taxes using your smartphone, are all covered in this article.