Posted on 01/30/2022 6:22:06 AM PST by devane617
Tax season officially began on Monday, Jan. 24. As you prepare to file your 2021 taxes, you’ll want to watch for two letters from the IRS to make sure you get the money you deserve.
This year, the IRS is mailing two letters – Letter 6419 and Letter 6475 – to qualifying Americans.
The first applies to the Child Tax Credit Payments. According to the IRS, Letter 6419 outlines the total amount of advance Child Tax Credit payments you received in 2021 and the number of qualifying children used to calculate the payments.
You can see a sample Letter 6419 here.
Regardless of whether you are or aren’t eligible for the credit, the letter instructs you to file Schedule 8812. This will help you claim your remaining credit or determine if you must pay back any of the payments you received in 2021.
I told you so
(that’s all I got)
I would suggest that many, perhaps most, of those receiving the letters will throw them away unread and if read certainly not understood.
Quite simply, those receiving the credit are unable to comprehend what is written and will simply disregard the letter
Since the call came from the IRS, the agent didn't seemed harried or rushed, and I was not in an argumentative mood, as I had made a mistake on last year's return.
OTOH, if you don't have experience in these matters, let your CPA handle your dealings with the IRS. In the long run, you save money, as well as your sanity.
We do the taxes for many horse & buggy Amish and Mennonite farmers. While ten young children per family is not uncommon, they refuse to accept the checks.
We void the checks and send them back. Between these and stimulus checks we returned well over a half million dollars.
I fully expect to get letters stating they were paid the $$$ and the voided returned funds will not be offset.
Not necessarily.
While those scamming the system seem to have a very low IQ when it comes to work, they seem to have a very high IQ when it comes to getting money from "uncle Sugar" (we taxpayers).
And a network of fellow bums to get together to figure such things out and spread the word, with the time to do it.
I LOL’ed! :-D
This includes any plus-up payments, which were additional payments the IRS sent to people who received a third stimulus check based on a 2019 tax return or information from the Social Security Administration, Railroad Retirement Board, or Veterans Affairs. Plus-up payments were also sent to people eligible for a larger amount based on their 2020 tax return, according to the IRS.
Letter 6475 applies only to the third Economic Impact Payment, which was issued in March and distributed throughout the year. You can use this letter to determine if you can claim the Recovery Rebate Credit on your return.
While most eligible Americans already received their payment, those who are missing theirs should claim the recovery rebate credit. Stimulus checks aren’t taxable but do need to be reported when you file your taxes.
Taxes need to be filed by April 18 this year.
I got a letter from the IRS asking where my 2020 Tax Return was.
I called them and said I filed it on time, sent it certified (with proof it was delivered) and YOU CASHED MY CHECK.
After being on hold for 20 minutes...yeah, we are backlogged 6 million tax returns and yours is in it. I will note it this in your account.
I called the IRS once many years ago to see how much I could claim as charitable deductions without receipts.
I needed just a few more hundred to keep from paying in.
The lady at the IRS was real nice and said they wouldn’t expect me to have receipts for that low amount, ‘you could deduct 10x that with no receipts’.
I wound up getting a nice fat refund with that helpful tip!
Same info not to regime 2020 return is on irs.gov website
“If a taxpayer has received a notice for a 2020 return they should not refile,” according to Luis Garcia, a spokesperson for the IRS in Detroit.
https://aw-journal.com/irs-notice-cp80-asks-taxpayers-to-resend-2020-returns-is-it-a-scam/
Donate the money to some charities deemed worthy - the Feds will just use the money elsewhere for purposes they may totally dislike.
Only the child care credit. The stimulus payment letter clearly states the amounts are non-taxable and don’t apply as income.
i have no worries. I am 69, married twice, and sterile.
From the WSJ:
Millions of American families learned from the Internal Revenue Service this month that they may owe additional taxes for 2021. The reason was they’d received advance payments of the child tax credit last year that may have been too high. These families will now have to submit an additional form with their 2021 income-tax returns and pay whatever they owe (or claim whatever they still have coming). It’s a good lesson in the limitations of the IRS—it isn’t well-positioned to make welfare payments.
Although many families were caught by surprise, the potential for discrepancies in the payouts was never a secret. Lawmakers acknowledged it when they increased the credit’s value and authorized advance payments as part of last year’s American Rescue Plan. Knowing that not all the payments would line up fully with their criteria, Congress created a “safe harbor” so that two-parent families with less than $60,000 in income (and lower amounts for other types of households) wouldn’t be held liable for any miscalculations. For the many households not protected by this measure, the time for a reckoning has come. Both they and the IRS will have their hands full.
At one time the IRS and the US Postal Service were the two most heavily unionized entities in the country. Says it all...
What is this, "YOU DESERVE" crap? People may be 'entitled' by law, but no one deserves anything.
I agree. But for religious reasons they feel it must be returned.
That’s the reason I file electronically and always check that they’ve received the return.
“That’s the reason I file electronically and always check that they’ve received the return”
indeed ... you’re just begging for trouble by mailing in a paper return these days ...
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