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Saturday, October 16, 2021

Stimulus Check Update: If You Get This Letter, The IRS Wants Its Money Back

President Biden signed a bill in March that sent a $1,400 stimulus check to most people. It expanded the money available to the people through the tax code. The Child Tax Credit was also expanded by $1,000 and its first half is being sent to qualified families every month. A tune of $15b can be seen in each of these payments.

The IRS Might Ask For Its Stimulus Check Back

According to the IRS, some of the citizens are asking for more money that they do not think you should have. It is fixing your tax return for you.

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People who did not receive the $1,400 stimulus check can claim this on the tax via the Recovery Rebate Credit. The IRS stated that some people had claimed this money, which was not supposed to be. The agency is correcting itself under the Math Error Authority and is doing this in more numbers than the previous year.

A reminder was sent to the people that they could receive this credit if their individual income was under $75,000. If they were married it was raised to $150,000. If you earn more than that you might owe some money.

The Internal Revenue Service will notify the people if their tax returns had been changed. They will get a letter about the modifications and will have the right to appeal the change.

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There was an error with a few of the letters so the agency had to send another one, called Letter 6470. It explains that the people have the right to appeal the changes and must notify the agency within 60 days if you think that the correction is wrong.

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