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Sunday, May 22, 2022

Stimulus Check Update: What Should You Know Before Filing Your Tax Return

Taxpayers need to be keeping their eye out for a couple of letters from the IRS in the next week or so, which would be directly related to their next stimulus check payment. The first letter would contain important information that would help ensure that the tax return was pretty accurate. The IRS then started sending them out in late December 2021, which then continued into January, saying 2021 Total Advance Child Tax Credit Payments near the top, and Letter 6419 on the bottom-righthand side of the page. 

Tax Returns For 2021 Could Help You With Your Stimulus Check Payment

The letter further explains that if one has already received their advance CTC Stimulus check payments, they would need to report that amount in their tax return. One could also check this amount by using the Update Portal of CTC. The second letter will help individuals determine if they have been deemed eligible to claim the Recovery Rebate Credit for missing stimulus payments. 

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One should readily expect to see the letter in later January 2022. It would be sent to anyone who went on to receive the third payment in late January 2021 and say, “Your Third Economic Impact Payment” near the top, and “Letter 6475” on the bottom right-hand side of the page. If you are eligible for RRC, you would need to file a tax return of 2021 to claim your remaining stimulus check amount. 

If you are ready to file your tax return for 2021 to receive the rest of your stimulus check amount, there are a few easy steps that could make the entire process get simpler. Using the information when preparing a tax return electronically can drastically reduce errors while avoiding delays in its processing. 

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