With the end of the year and tax season quickly approaching, the IRS has issued a press release regarding stimulus payments and the additional child tax credit.
The IRS will be issuing two letters to taxpayers in January of 2022 that you should be aware of and keep for your records to assist with your individual tax return preparation:
- Letter 6419 – Advance Child Tax Credit Payments
- This letter provides the total amount of the advance Child Tax Credit payments that were sent to you in 2021
- Letter 6475 – Economic Impact (stimulus) Payment
- This letter provides the total amount of the third Economic Impact (Stimulus) payment that you may have received in 2021.
- While this is not included in your gross or taxable income, you need this information in case you are eligible for additional stimulus
It is important for your individual tax return that you keep these letters and provide them to your tax preparer. If the information provided to the IRS does not match the letters it could delay the processing of your tax return or your refund.
Have questions? Don’t hesitate to reach out email@wheelercpa.com or call our offices.
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