Millions of Americans will soon receive letters, containing information about the third stimulus check, from the Internal Revenue Service.
The Internal Revenue Service (IRS) recently published an update on its official website. It is not about a new stimulus check but, it could mean additional payments for some individuals.
The release centers, though, on the information letters it sent and will soon send to some millions of Americans. Apart from notifying recipients about the letters, the agency also included a warning not to throw them away, according to The Sun.
The publication consequently reiterated the reasons why it is important to keep the letters.
Why recipients should not throw the letter away
The IRS explained that the information letters are helpful to taxpayers or their respective tax professionals. This comes as the tax season is approaching, and the notes from the agency can serve as a guide in preparation for the 2021 tax returns.
As stated, Letter 6475, “Your Third Economic Impact Payment,” houses the amount received in the third stimulus check. It also includes the amount of the plus-up payments, if applicable to the recipient.
But, apart from helping individuals with their tax returns, the letter in question will also allow the recipients to determine their entitlement to claim a Recovery Rebate Credit. Reports said that the credit is the “difference” between the amount of the third stimulus payment an eligible American should have gotten and the actual amount received following the disbursement.
Accordingly, some recipients of the letter may be in line for more payments, and the correspondence is proof.
Qualifying for an additional stimulus check
The IRS distributed the third stimulus check to millions of individuals across the country in 2021. Each qualifying American and each of their official dependents could have gotten up to $1,400 per check.
But, the agency may still owe some eligible people additional payments if one did not receive a relief check at all, or if circumstances have changed.
CNBC stated that this especially applies to individuals who welcomed a new child in 2021. The same goes for people falling below the set income threshold in their 2021 tax returns.
Another information letter for some families
Alongside Letter 6475, some families may have already received, or about to receive, Letter 6419, as well. It concerns the Child Tax Credit (CTC) payments hence the note features “crucial information” about it.
As stated, the letter houses the amount of CTC payments received in advance, which applies to those who opted to get it in installment, starting from July to December of 2021. It also includes the actual amount of CTC one can claim properly upon filing the 2021 tax return.
Accordingly, the information letter can help recipients identify whether there is still any amount left to claim on the tax returns.
Meanwhile, there remains a lot of unknowns regarding the fourth stimulus check. No official word has come to light, making its possibility uncertain.
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