At the beginning of the year, the Internal Revenue Service (IRS) began sending Letter 6475, its Third Economic Impact Payment, to beneficiaries.
The purpose of this letter is to help Economic Impact Payment recipients determine if they are eligible and should claim the Refund Recovery Credit on their 2021 tax returns when they file in 2022.
On the irs.gov site it is clarified that letter 6475 only applies to the third round of Economic Impact Payments, which were issued from March to December of last year.
It adds that the third round of Economic Impact Payments, including additional payments, were advance payments of the 2021 Refund Recovery Credit that would be claimed on a tax return for that year.
It also indicates that the additional payments were payments that the IRS sent to people who received a third Economic Impact Payment based on a 2019 tax return or information received from the Social Security Administration, the Railroad Retirement Board, or Veterans Affairs.
The additional payments were also sent to people who were eligible for a higher amount based on their 2020 tax return.
According to the IRS, most eligible people have already received the payments. However, those who do not receive stimulus payments should review the information on IRS.gov to determine their eligibility and whether they need to claim a Refund Recovery Credit for 2020 or 2021. It also includes those who do not normally need to file a tax return.
keep the letter
The IRS asks taxpayers to save the letter in case you receive it, as it contains important information that can help people file their taxes quickly and accurately.