After you file your 2021 tax return, the balance of your Child Tax Credit money will be sent to you. But first, you’ll need IRS Letter 6419, which contains crucial information for filing your taxes.
If you’ve previously gotten the paper and observed that the information is inaccurate, there might be several causes for this.
IRS warns CTC portal may show wrong amounts
The IRS says it’s looking into the problem and will give tools to individuals to ensure they have the most up-to-date information when filing their taxes.
Per CNET via MSN, starting January 31, the IRS is asking individuals to verify their online accounts. If you and your spouse are married and file taxes jointly, the IRS will send you each a letter.
You’ll need to combine that information when you submit your tax return once you’ve both received the notification. If the information on the form still doesn’t seem right, keep reading to find out what else it may be.
This is similar to married parents who filed jointly but did not claim the child tax credit. Both parents have to unenroll in order to cease receiving payments. Even if just one person chooses to opt out, the other will still get a portion of the cash.
No clear guidance provided
Unfortunately, there is no clear guidance from the IRS on how to reconcile the credit in circumstances when parents alternate custody every other year.
They also don’t have any suggestions on what to do if the information on the letter differs from the information on the account transcript, and the account transcript differs from the payments the taxpayer actually got.
According to Forbes, although computers are normally quite adept at handling mathematics and producing reports, taxpayers are reporting that the amounts deposited into their bank accounts do not match the total amount shown on the letter or the reported transcript payments.