It’s again time to file the taxes and claim the rebates. While the COVID19 turmoil is still here, you need to know all rebates and Stimulus Checks you are eligible for. Most of the Americans have received their complete payment in 2021.
But if you are unsure whether your third Stimulus Check was enough or not, keep an eye on the IRD Letter 6475, which is Your Third Economic Impact Payment.
A Brief About Third Stimulus Checks
Following the American Rescue Plan, all the third Stimulus Checks were sent between March and December 2021. During this, around an appropriate of 160 million checks of up to $1,400 per adult, plus additional amounts of $1,400 for each dependent, were sent.
Those who think they were qualified for the third Stimulus check and never received it won’t receive Letter 6475. Such individuals are required to create an IRS online account to check the amount of their Economic Impact Payments.
Also, most of the third Stimulus payments were based on the tax return of 2019 or 2020, but if your income was reduced in 2021, you would be required to submit the additional claim documents for the adjusted recovery credit.
Why Is there IRS Letter 6475 For Me?
If you are eligible for some refund in the Recovery Rebate Credit, you will receive this Letter 6475. This letter includes all the basic information linked to the name, address, and the total amount sent in your third stimulus payment.
The letter might include the information of the plus-up payments of any additional funds sent to the people eligible for a larger amount based on their 2019 or 2020 tax returns.
Should You Hold On To The Letter?
Even though you have all set, it is truly advisable to hold on to the tax documents, especially the letters sent by the IRS to you. The letter 6475 should be kept until you have filed the returns for 2021. You can use the amount shown on your Recovery Rebate Worksheet to determine if the credit applies or not.
What To Do In Case There Is No Letter?
There are chances you don’t receive Letter 6475 or might have lost it. In such a case, you can find the information on your stimulus payments on your IRS account. Make sure that you have the online account setup. If you don’t have one set up, you can create an ID on the IRS website by following the broad set of instructions given on the platform.
