This story is part of Tax 2022, cnet’s coverage of the best tax software and everything you need to file your return quickly, accurately, and on time.
Your chance to file a 2021 tax return on time is running out: The tax filing deadline is Monday, April 18. it’s also your last chance to claim any additional stimulus payments you may be eligible for.
The US bailout provided stimulus check payments for the third time last year of up to $1,400 for each adult and child. If you didn’t receive the full amount of your eligible money, you’ll need to claim the catch-up refund credit on your 2021 federal income tax return.
To confirm the amount of your 2021 stimulus payments, use IRS Letter 6475, your third Economic Impact Payment, which was mailed to recipients earlier this year. includes the full amount of your stimulus check money, including any “extra” payments.
Keep reading to learn what to do if you didn’t receive or lost Letter 6475, or if you never received the stimulus money the IRS claims it sent you. For more information, learn how to get the rest of your child tax credit and how to keep track of your tax refund after you’ve filed.
why did i get letter 6475 from the irs?
According to the IRS, Economic Impact Payment letters include important information that can help you file your taxes quickly and accurately, including the total amount sent in your third stimulus payment.
This could include “extra” payments, the extra funds the IRS sent to people who were eligible for a higher amount based on their 2019 or 2020 tax returns, or information received from the Social Security Administration, the department of veterans affairs or the railroad retirement board.
Even though it’s not taxable income, you still need to report any stimulus money on your IRS return. In 2020, the IRS received more than 10 million returns that misreported stimulus money, according to IRS Commissioner Charles P. retting, resulting in manual reviews and significant delays in refunds.
You may have already received a 1444-c letter, showing the amount you were paid and how it was delivered, but that’s not what you want to use to prepare your 2021 return.
what do I do with the stimulus check letter?
If you are using a professional tax preparer, give them the 6475 letter along with all your other applicable tax documents. If you are preparing your own return, use the amount shown on the 6475 letter on the Recovery Refund Worksheet to determine if any credit applies. then enter that credit on line 30 of your Form 40.
The Recovery Refund Worksheet is included in the instructions for IRS Form 1040 and is calculated automatically by your tax preparation software.
“having an incorrect amount on your statement could trigger a manual review,” according to the h&r block website, which could delay reimbursement for weeks.
how do i know if i am eligible for more stimulus money?
All stimulus check payments ended on December 31, 2021. Most Americans received their payments in full, but there are a few reasons you may not have received as much as you’re eligible for: Yes had a baby or added qualifying children to your family in 2021, you are owed another $1,400 for each additional child.
Similarly, if your income dropped significantly last year, you may also be owed more money.
If you think you’re eligible for more stimulus money than you received in 2021, the best tax software will calculate your catch-up refund credit automatically and include the additional amount of money on line 30 of your IRS 1040 form. .
If you want to calculate your potential Recapture Refund Credit yourself, use the Recapture Refund Credit Worksheet as outlined in the IRS instructions for Form 1040.
what if I never received letter 6475 or lost it?
if you never received a third stimulus check, the irs did not send you letter 6475. if you were eligible and did not receive a payment in 2021, you can get those funds now by claiming the recovery refund tax credit on your tax return of 2021.
If you received a third stimulus check but never received letter 6475 or lost it, you can find information about the amount of your economic impact payments by using your online irs account. After logging in, click the view tax records link and then the plus sign next to 2021 in the Economic Impact Payment information.
If you’re married filing jointly, you and your partner must log in to your IRS accounts online and add the amount of your payments to calculate your full 2021 stimulus check payments.
what if letter 6475 says I received money, but didn’t?
first, the irs recommends that you check your bank account records for 2021 to make sure. They especially advise looking for IRS deposits in the spring or early summer.
then check your irs account online. The information on the IRS website will be more current than the 6475 letter, especially if a payment was returned. If your online account says you received stimulus payments, but you didn’t see the money, you should contact the IRS right away to see if payment tracking is required.
what if i misreported my stimulus money?
If you have already filed your 2021 tax return and realize you reported incorrect information for your stimulus check payments, do not file an amended return. the irs says it will correct any errors and send you a notice indicating the changes it has made to your return.
Although you won’t need to file an amended return, making a mistake when reporting your stimulus money will definitely delay the processing of your return and any potential tax refund. As mentioned above, stimulus payment errors were one of the main reasons for its delays last year.
However, if you filed your 2021 tax return and reported $0 for your recovery refund credit and want to claim more stimulus money, you will need to file a return amended, using irs form 1040 x
Should I keep the 6475 letter after I file my taxes?
You should always save documents related to filing taxes, says Mark Steber, director of tax information at Jackson Hewitt: “W-2s, statements of interest and letters from the IRS are a good record of your account.” in case something comes up in the next two or three years,” he says.
The IRS also recommends keeping all documents related to income, deductions, credits, and other tax items for at least three years.