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Important Information About Economic Impact Letters - Feb 2022

Money
Contributed by : Mukesh Makker
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The IRS began issuing Letter 6475, Your Third Economic Impact Payment, to EIP recipients in late January. This letter helps Economic Impact Payment recipients determine if they are entitled to and should claim the recovery rebate credit on their 2021 tax returns when they file in 2022. It contains information that can reduce errors and delays and help taxpayers or tax professionals prepare their 2021 federal tax returns.

Anyone who receives this letter should keep it. Do not throw it away.

Letter 6475 only applies to the third round of Economic Impact Payments issued in March through December of 2021. The third round of Economic Impact Payments, including "plus-up" payments, were advance payments of the 2021 recovery rebate credit claimed on a 2021 tax return.

Plus-up payments were additional payments the IRS sent to people who received a third Economic Impact Payment based on a 2019 tax return or information received from the Social Security Administration, Railroad Retirement Board, or Veterans Affairs. Plus-up payments were also sent to people who were eligible for a larger amount based on their 2020 tax return.

Most eligible people have already received the payments. However, some people could be missing their stimulus payments and be able to claim a recovery rebate credit for 2020 or 2021, if eligible. This includes people who don't normally need to file a tax return.

As a reminder, never throw away any letters you receive from the IRS, including those related to Economic Impact Payments. Keep these letters with your tax records because they include important information that can help you quickly and accurately file your tax return or resolve a tax dispute.

If you think you are missing an economic impact payment, please call the office to find out if you are eligible to claim a recovery rebate credit for 2020 or 2021.


About Author
Mr. Maker is a certified Public Accountant and serving the South Asian community since 1993.

Website: https://taxprofessionalsnw.com/newsletter.php

 

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