Stimulus Check Letter 6475: How It May Help Get More Money| MENAFN.COM

Monday, 08 August 2022 05:04 GMT

Stimulus Check Letter 6475: How It May Help Get More Money

(MENAFN- ValueWalk)
pasja1000 / Pixabay

Federal stimulus checks that the IRS sent proved to be a lifeline for millions of Americans. The agency is now almost done sending the stimulus checks. However, now the IRS is sending out a letter, called Letter 6475, which could prove very important for taxpayers. This stimulus check Letter 6475 will help both those who received a stimulus check and those who believe they are eligible for more money. IRS Letter 6475 applies to the third round of EIP (Economic Impact Payment), which was approved in March last year.

Get The Full Henry Singleton Series in PDF

Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues

Q1 2022 hedge fund letters, conferences and more

Commodity Hedge Funds Outperform As Traders' Profits Hit A Record

Volatility in the global commodity markets is throwing up some highly lucrative opportunities for commodity traders and investors to take advantage of. Commodity prices have jumped over the past year as the global supply chain crisis has snarled up industries around the world. On top of this lingering issue, the war in Ukraine has thrown Read More

Stimulus Check Letter 6475: What Is It?

The IRS started issuing stimulus check Letter 6475 from January this year. Primarily, this letter helps the recipients to file the Recovery Rebate Credit in order to claim the stimulus check money they should have received. Those who believe they are eligible but didn't get the third stimulus check, or believe they got less than what they are eligible for, need to claim the Recovery Rebate Credit on their 2021 federal tax return to get the due amount.

The IRS Letter 6475 indicates the stimulus check amount that a taxpayer would have gotten under the third round. It also includes information on any plus-up payments received for the tax year 2021. Thus, the letter would help people to determine their eligibility for the Recovery Rebate Credit.

“Most eligible people already received the full amount they are entitled to receive. Anyone who did not receive the full amount they are entitled to should review the payment information to determine whether they should claim the Recovery Rebate Credit for tax year 2021,” the IRS says .

For instance, the taxpayers who added a new qualifying dependent to their family in 2021 may not have gotten the dependent payment for that dependent. Such taxpayers can use the IRS Letter 6475 to get up to $1,400 for the dependent by claiming the Recovery Rebate Credit.

What If You Didn't Get IRS Letter 6475?

Apart from helping people to claim their stimulus check amount, taxpayers can also use Letter 6475 to reduce errors and delays with their tax return. This letter is supposed to go to everyone who got the stimulus check under the third round.

If you didn't get the third stimulus check, then it is likely that the IRS didn't send you Letter 6475. In such a case, if you believe you are eligible, then you need to claim the recovery rebate tax credit on your 2021 tax return.

If you got the third stimulus check, but not the IRS Letter 6475, or you somehow lost the letter, then you can find all the details about your economic impact payments from your online IRS account (click the View Tax Records link).

In the case of couples filing a joint return, each spouse will get the IRS Letter 6475 showing their part of the amount.

Updated on Apr 14, 2022, 10:26 am


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.