The IRS is sending two new forms this year. One to people who received the monthly advance Child Tax Credit Payments and one to people who received a stimulus payment in 2021. If you got either of those, you will need these forms to file – don’t throw them out!
Our TurboTax Live experts look out for you. Expert help your way: get help as you go, or hand your taxes off. You can talk live to tax experts online for unlimited answers and advice OR, have a dedicated tax expert do your taxes for you, so you can be confident in your tax return. Enjoy up to an additional $20 off when you get started with TurboTax Live.
Letter 6419, 2021 Advance Child Tax Credit (CTC): If you received monthly CTC payments this past year, you should receive this letter from the IRS in January. If you filed as married filing jointly on your prior-year tax return, then both you and your spouse will receive a Letter 6419.
You need both letters when filing your return as you will enter both amounts to be added to your tax return. This letter will have the total amount of advance Child Tax Credit payments you received from July 2021 to December 2021, and you will need that number when you file your taxes. Why? The IRS will use this number to help reconcile your advance Child Tax Credit payments – basically to make sure you got the right amount. If you should have gotten higher CTC monthly payments, you will get that additional money as part of your refund. If you received too much in CTC payments, you may owe that money back at tax time.
Maximize your deductions and get every tax break you qualify for when you file your taxes with TurboTax Deluxe. We’ll search over 350 tax deductions and credits to make sure you get the maximum refund possible. Start for free, and get up to an additional $10 off TurboTax Deluxe when you file.
Letter 6475, Your Third Economic Impact Payment: This letter will have the total amount of your stimulus payment in 2021 (just the third one, you received in 2021). If you didn’t get the full stimulus amount you were eligible for, then you may be able to claim those dollars through the Recovery Rebate Credit on your tax return. This letter has all the info you need to report the correct amount of the third stimulus you received and understand if you are eligible for additional stimulus dollars and how much.
Don’t worry about knowing about these new letters and rules. TurboTax has specific guidance related to these new provisions and will help you easily report your advance Child Tax Credit payments and the third stimulus payment you received, so you can claim the additional credits you are eligible for.