Stimulus Update: This IRS Tip Helps Ensure You Got All Your Stimulus Money
Be sure to listen to the IRS so you don't leave money on the table.
- Americans were entitled to several stimulus payments in 2021.
- Not everyone got the money they were entitled to.
- The IRS has recently released a news alert designed to help with these issues.
In 2021, many Americans received multiple stimulus payments. The American Rescue Plan Act provided for $1,400 checks per adult and dependent child. It also created an expanded Child Tax Credit, which offered more stimulus money for parents. Parents began receiving monthly deposits of $250 or $300 per child in July, with payments continuing through December.
Not everyone got all the money they were owed, though. People may have missed out on stimulus funds if their income changed over 2021 or if the number of dependents they had changed. The IRS, which was responsible for delivering the stimulus payments into American's bank accounts, wants to make sure that every eligible American gets all of their money.
To that end, a recent news alert provides an important piece of advice on what people should do to confirm they aren't missing any payments -- and to claim any funds they should be entitled to but didn't get.
Here's what the IRS says about how you can ensure you get paid.
Be sure to follow this IRS advice to get your stimulus funds
The recent IRS news alert advised Americans that the IRS is sending out a few key letters that will help people to get their unclaimed stimulus funds. Specifically, the IRS will be sending out:
- Letter 6419, which details the amount of the advanced Child Tax Credit payments they received as well as the number of children the IRS assumed the family had when calculating their credit. The letter will be distributed beginning at the end of December.
- Letter 6475, which provides information on the third Economic Impact Payment. This is the stimulus check valued at $1,400 per eligible adult and dependent, which the IRS began sending out in March of 2021. This letter will help Americans to determine if they can qualify for the Recovery Rebate Credit, which is a tax credit they are entitled to if they didn't get the full amount of stimulus money they were due.
According to the IRS, these letters contain important information that can both help recipients to determine if they are missing any money and that can help those who didn't get their full payments to claim them when filing their 2021 tax returns.
"Using this information when preparing a tax return can reduce errors and delays in processing," The IRS news release said. The IRS has urged Americans to keep the letters to use them when filing their 2021 taxes in early 2022.
If you receive either or both letters, be sure to heed the agency's advice and set the letter aside until tax-filing season arrives. The IRS is likely to begin accepting tax returns towards the end of January, so you'll want to watch for these documents in the mail so you're ready to submit your documents and claim any additional money that's still due to your family.
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