The Internal Revenue Service has delivered a significant letter to some taxpayers that may be vital for submitting their 2021 tax returns. Continue reading to learn why Letter 6419 is required.
Letter 6419 is a single-page black-and-white letter with an IRS symbol in the top left corner. It is issued by the Treasury Department and the Internal Revenue Service.
According to the IRS, taxpayers must utilize Letter 6419 when completing their 2021 tax return to reconcile the progressive payments they got last year with the remaining child tax credit they are entitled to and may assert on their return.
“Advance Child Tax Credit payments are advance payments from the IRS of 50% of the expected Child Tax Credit amount that you may claim correctly on your 2021 tax return during the 2022 tax filing season,” the IRS states on its website.
The information included in Letter 6419 is critical in assisting you with preparing your taxes. The message will explain the amount of child tax credit money you received in 2021, as well as the number of qualifying dependents included in the calculation.
It would be best if you verified that the information is still accurate. For instance, if you had a kid after your previous tax return, the IRS would not have taken it into account while determining your entitlement.
Consequently, you’ll need to ensure that your information is updated when you complete your tax return.
Avoid becoming enraged if you misplace or lose it. Your child tax credit information will be accessible via the IRS’s child tax credit portals on the IRS website.
While registering for an account on the IRS website requires some effort and patience, once you’re in, you’ll have access to all the information you need for the child tax credit, as well as other useful IRS information for filing your taxes.
Numerous variables affect the amount of child tax credit money you get with your tax return. For instance, if you opted out of receiving monthly payments last year, you will get more than if you get checks every month.
Children aged 5 and under received monthly payments of up to $300, while children aged 6 and beyond received monthly payments of up to $250.
If you were eligible for the full amount and opted not to make payments, you might receive up to $3,600 per kid in a tax refund. However, depending on the age of your children, you may get up to $1,800 per kid if all six payments were received in 2021.
If you do not get a letter before the deadline for submitting your return, you may use the online child tax credit portals to verify your information or contact the IRS directly by mail or phone. If you contact the IRS through the letter, you can anticipate a response time of at least 30 days.