Tax Season is Here!!
Tax season is here and if I am thinking about the tedious task, I know you are too! I will be posting a few tidbits about taxes in some of my upcoming articles to share new information regarding our 2021 filings. By no means am I a tax professional, but I am sharing what I have come across in doing my own taxes. Below is a list for the documents you need on hand.
There were a series of letters the IRS sent out regarding stimulus payments made (Letter 6419), but don’t worry if you cannot find those letters. I will provide the link here for you to be able to look the information up online.
After you click on the Child Tax Credit (CTC), you are brought to this screen.
The IRS has already issued all three (3) Economic Impact Payments. The ones who were most likely eligible have already received them, so they will not be eligible for the Recovery Rebate Credit.
According to the explanation above, the first two payments were an advance of the 2020 Recovery Rebate Credit claimed on the 2020 return., which was issued in 2020 and early 2021. The third round of Economic payments were an advance of the 2021 tax return. People who are missing a stimulus payment maybe able to claim it on your 2020 and 2021 taxes.
For any tax records you are missing, here is the link and a picture below to find the resources you need.
I hope that you have found this information useful. Happy tax season!