I f you and your spouse are filing a married filing joint return you will need to add the amounts from both your letters when completing your tax return.ĭon’t worry about knowing about these new letters and rules. This letter has all the info you need to report the correct amount of the third stimulus you received and understand if you are eligible for additional stimulus dollars and how much. If you didn’t get the full stimulus amount you were eligible for, then you may be able to claim those dollars through the Recovery Rebate Credit on your tax return. Letter 6475, Your Third Economic Impact Payment : This letter will have the total amount of your stimulus payment in 2021 (just the third one, you received in 2021). If you received too much in CTC payments, you may owe that money back at tax time. If you should have gotten higher CTC monthly payments, you will get that additional money as part of your refund. Why? The IRS will use this number to help reconcile your advance Child Tax Credit payments – basically to make sure you got the right amount. This letter will have the total amount of advance Child Tax Credit payments you received from July 2021 to December 2021, and you will need that number when you file your taxes. ![]() You need both letters when filing your return as you will enter both amounts to be added to your tax return. If you filed as married filing jointly on your prior year tax return, then both you and your spouse will receive a Letter 6419. ![]() Letter 6419, 2021 Advance Child Tax Credit (CTC) : If you received monthly CTC payments this past year, you should receive this letter from the IRS in January. If you got either of those, you will need these forms to file – don’t throw them out! One to people who received the monthly advance Child Tax Credit Payments and one to people who received a stimulus payment in 2021. Īs a result, the IRS may try to send your stimulus payment to a closed account at the in-between bank. When it gets rejected, they will send a check to the mailing address on your tax return instead but it will take longer. You may be able to update the IRS with your actual bank information at their web site.The IRS is sending two new forms this year. This means that the IRS only sees the account number for your temporary account at the in-between bank and never sees your regular bank account number. You agreed to this, even if you didn't understand what you were agreeing to.Īs a result, the IRS may try to send your stimulus payment to a closed account at the in-between bank. When it gets rejected, they will send a check to the mailing address on your tax return instead but it will take longer. You may be able to update the IRS with your actual bank information at their web site. When you use refund transfer to pay your fees from your refund, your refund is sent to a third party bank that opens a new account in your name to receive the refund, they deduct the fees, and send the rest of the money to you. This is because the IRS will not split the refund and pay Turbotax for you. There are better and cheaper ways of paying the Turbotax fees that do not have a $40 service charge and do not hide your information from the IRS.) (Refund transfer is never a good idea and I never recommend it. Since the IRS does not have your regular bank account number, they will mail a check. If you used refund transfer to pay your Turbotax fees out of your refund, you put another bank in between you and the IRS. Your payment will not be delayed by Turbotax. Also, if you requested your refund be deposited on a NEW debit card, then the IRS has the account number of that debit card and will use that. If you used Turbotax and had a direct deposit paid into your regular bank account without using refund processing to pay your fees, then the IRS has your bank info and your payment should not be held up.
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