Fourth stimulus check: how can IRS letter 6475 help you in the 2022 tax return?
The letter is crucial for the organization to assess how your stimulus checks affect your tax return for the last year.
Letter 6475, is crucial if you received 'Your Third Economic Impact Payment', better known as a stimulus check, in 2021. This letter will tell individuals if they are eligible to claim the Recovery Rebate Credit, which is available if they missed the check the first time around, or if they received less than the correct amount. If so, they must file a 2021 tax return to claim their remaining stimulus amount.
The money you could receive will either be in the form of a refund or tax reduction, depending on your tax situation.
The letter is expected to be arriving in mail boxes by the end of January, with 36 million households expected to receive it.
Why is it important for your tax return?
Without completing the letter the IRS will not record your stimulus check from 2021 in your tax return.
It could lead to a review of your filing, which would inevitably lead to a delay in getting the results back. Remember, your refund is only sent to you once your case has been fully checked. It is therefore paramount to file your return as quickly as possible, and applications open on January 24.
If you don't have an IRS account, create an ID.me account on the IRS website.