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Wednesday, November 30, 2022

You Could Receive A Bigger Stimulus Check Refund From The IRS

The majority of Americans have received their 3rd stimulus check. But around 600,000 people have not collected their payments and if you think you could be one of them, it is high time you submitted your returns before April 18, the last date of filing your 2021 income tax returns.

You can claim your due through a Recovery Rebate Credit against your federal tax returns for 2021. But first, you will have to ratify the amount due to you. And for that, you will have to refer to Letter 6475 sent by the IRS. This letter details the Economic Impact Payment amount sent to you through direct bank transfers or paper checks.

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Letter 6475 was sent earlier to recipients in 2022. It contains details of the stimulus check sent to you, including all plus-up payments that were sent as a corrective measure.

Letter 6475: The Official Record Of Your Stimulus Check Payments For 2021

Letter 6475 contains the official record of your Economic Impact Payment. This letter helps income tax filers determine whether the taxpayers are owed any money to find out if they are eligible to claim the Recovery Rebate Credit on the 2021 income tax returns.

The money sent to you could include the ‘plus-up’ stimulus checks and also information obtained from the Veteran affairs department, Railway board, and the SS Administration.

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Even though the stimulus check amounts are not taxable, they have to be entered in the records of your income tax return. The IRS informed that over 10M returns in 2020 gave wrong information about their stimulus checks.

Tax filers may already have received the Letter 1444-C. This letter detailed the stimulus check you received and the mode of delivery. But for filing purposes, you will have to refer to Letter 6475 and other relevant tax documents. The amount detailed in that letter has to be entered. It will help you determine if credit applies.

A drop in income in 2021, and the birth or adoption of a child are some of the reasons you could get a stimulus check refund from the IRS against your 2021 tax returns.

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