The IRS letter pertains to the third stimulus check, which was given in early 2021, and which parents of newborn children may be able to receive. Those who got Letter 6475 can use the IRS Form 1040 Recovery Rebate Credit worksheet to figure out how much they are entitled to.
The IRS began taking tax forms on January 24, and refunds are normally given out via direct deposit within 21 days. Taxpayers who prefer to file a paper return may have to wait six weeks or longer to receive their refund.
You Can Still Claim Your 2021 Stimulus Check
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.
In 2022, families having children born in 2021 will be able to claim the RRC on their tax returns. The EIP was distributed to the American people in 2021. RRC advance payments are represented by these stimulus checks.
Individuals and families who have not yet received the whole amount by the end of 2021 can do so after paying their taxes. The stimulus checks for 2021 were computed based on a household’s returns from 2019 or 2020. Qualifying dependents who joined a family in the previous year were not considered.
The claim period for the Recovery Rebate Credit will end in 2022. In 2021, an extra contribution paid through the ARP will be returned. Children must be under the age of 19 (19 if in school) and chronically disabled to be eligible (no age limit). The dependant must be linked to the applicant in some way.
If a taxpayer’s income is less than $75K, or $150K if they are legally married and filing jointly, they can receive the entire refund.
There is also the possibility of receiving a bonus payment. It’s a one-time payment given to people whose income in 2020 was lower than the previous year.