But it is marked as "Letter 6419" on the very bottom right-hand corner. The very top of the correspondence does not state "Letter 6419" in bold letters across the top. You need it to prepare your 2021 income tax return." The letter states in bold: "Keep this important tax information. The letter has a big box at the top stating: "2021 Total Advance Child Tax Credit (AdvCTC) Payments." It is issued by the Department of Treasury and the Internal Revenue Service.
Letter 6419 is a black-and-white one-page letter with an IRS logo on the top left corner.
It was found on the IRS page called "Understanding Your Letter 6419." While many have not yet seen the letter, I reviewed a sample copy of IRS Letter 6419 that is posted online at IRS.gov. The IRS issued the first advance payment on July 15, 2021. The tax filer will claim the other half when filing a 2021 income tax return. MSU economist Lisa Cook nominated for Fed board: Here's how she could have an impact Rapid rise in mortgage rates startles homebuyers blame inflation fears The monthly advance payments, part of a temporary expanded program, were designed so that half the total credit amount would be paid in advance monthly payments from July through December last year. Someone who normally does not make enough money to be required to file a tax return will still need to keep this letter to claim extra money that could be owed for the child tax credit when you file a 2021 federal income tax return. "Even if you had $0 in income," the IRS notes, "you could have received advance Child Tax Credit payments if you were eligible."įamilies who received the advance child tax credit in 2021- the money went out from July through December - must reconcile what they received last year with what their financial situation is this year and file a Schedule 8812.
#Turbotax advance payments received must be entered update
Others who don't want to wait may need to review their own records and check their specific information at the IRS "Child Tax Credit Update Portal Site." Some families may want to hold off a bit when it comes to filing a return until they spot the letter, which can help file an accurate return and avoid delays. 24 when it will first begin accepting and processing tax returns. The IRS will kick off the tax season on Jan. It's important to keep an eye out for this information. But many parents had yet to spot this letter in the mail as of Jan. The IRS said in early January that it started issuing these letters in December to those who received advance child tax credit money last year. Repeat, keep this letter to do your taxes. Keep this letter with all of your other important tax paperwork, including your W-2s. But this year, they absolutely want to keep track of one key letter - Letter 6419, to be sent to you by none other than the Internal Revenue Service.ĭo not throw this letter away. Parents are flooded with paperwork every single day of the year.
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