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Keep an Eye Out for Letters from the IRS: In January 2022 the IRS will begin sending out Advance CTC & EIP Letters

If you received the 3rd Stimulus payment or Advanced Child Tax Credits this past summer – fall, the IRS will be mailing you information letters that reflect the actual amounts you received in 2021.

Your tax preparer will need these 2 letters to help reconcile the tax credits on your 2021 Form 1040.   So please place these letters in a safe place with your other 1099s and W-2s.

What to watch for:

  • Letter 6419  – for Advanced Child Tax Credit – will include the total amount of credits that the taxpayer received.  If you received too much, you may need to repay it; if you received too little ( or none) you can claim the full amount on your 2021 tax return.
  • Letter 6475 – your Third Economic Impact Payment (these were advanced payments of the 2021 Recovery Rebate Credit). Like the advanced CTC payments, it was based on information from previous returns, and so we will reconcile the EIP received amounts vs amounts that should have been paid to you based on your actual 2021 tax return income.

Please contact your Wegner CPAs tax advisor if you have questions on the credits or the letters you may be receiving.

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