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Friday, December 9, 2022

Stimulus Check Letter: Handling It On Your Taxes

As it is known throughout, the IRS did send the third stimulus check payment to most of the citizens between March 2021 and January 2022. Now that income taxes on such payments are due, one would need to report this money on the tax return for 2021 in order to see if they qualify for a certifiably much more amount of cash with the recovery rebate credit. Now, if you had a new baby or went on to add qualifying children to your family the previous year, you would be due another sum of $1,400 for every additional kid. 

A Letter Could Help You Get More Stimulus Check Money

On the other hand, if you saw your income falling down considerably over the course of the last year, you could still owe some money on your tax refund. In order to successfully claim that additional stimulus money, you would need a specific letter from the IRS. This falls under Letter 6475, which construed the Third Economic Impact Payment which was previously mailed to most of the recipients of the third stimulus check payment which began in late January, and is still considered the official record of your stimulus payments for the previous year. It would also include the total amount of your third stimulus payment and any other plus-up payments that you could have received. 

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The stimulus check payments aren’t exactly considered taxable income and they don’t need to be included on the official document for your taxes if you don’t think that you deserve some more money from the IRS. However, if you don’t think you are absolutely sure if you are deserving of some more payment from the IRS, you could definitely complete the Recovery Rebate Worksheet that falls under Letter 6475 in order to find out. 

Now if you did get a third stimulus check payment from the IRS but never received a letter from them or you misplaced it, you can always find the information that you are looking for, or about the amount of your economic impact payments using the IRS account online.

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