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Wednesday, August 10, 2022

Update About Third Stimulus Check And Letter 6475 Sent By The IRS

The Internal Revenue Service (IRS) was responsible for sending numerous stimulus check payments under different proposals throughout the year. The last stimulus checks worth $1,400 were received by approximately 175 million citizens of America who were found eligible and included both children and adults. Letter 6475 was issued by IRS as a part of the Economic Impact Payment (EIP) 3 and it was distributed from January 2022. 

How Letter 6475 Is Important For The Last Stimulus Check?

Letter 6475 gives details about the aggregate amount of money received as the third stimulus check and also provides details about any additional money that any individual might get for the year 2021 after filing the tax return. The letter also determines whether an individual can demand the Recovery Rebate Credit for the year 2021. 

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In the case of joint filers who are married, each spouse will receive a separate letter which will portray half of the aggregate amount. There are individuals who are eligible for an extra amount in the stimulus check after the IRS has taken information from the previous year’s Social Security Administration, 2019 and 2020 tax returns, and Veterans Administration. 

The majority of these people have received their renewed stimulus check, however, those who did not can go for Recovery Rebate Credit for the previous year. This case generally happens when a new child is born in a family after 2021 or a new dependent was added after that year. The letter from the IRS was just to inform about the recipient of the child tax credit in the month of December. 

All the people who are eligible for the last stimulus check sanctioned by the Federal Government must have got their letters by the month of January. The information provided in the letter is very important and individuals must follow them while filing the next tax return for the year 2021 whose last date is the 18th of April.

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