As of Monday, January 24, the tax season officially began. As you prepare to file your taxes, keep an eye out for two letters from the IRS: Letter 6419 and Letter 6475.
These letters are not cause for concern but they are important for your tax filing, so make sure you hold on to them. This is especially critical given that the IRS has already warned taxpayers that this tax season is going to be more difficult than in past years. This is due to a few things: a backlog of work, understaffing, and complications stemming from new tax legislation.
If you are a parent receiving the child tax credit, you need Letter 6419 to file your taxes.
What is IRS Letter 6419?
Letter 6419 is an official IRS document. It includes the total amount of payment you received in 2021 as an Advance Child Tax Credit.
Make sure you compare the amount on Letter 6419 with the amount you actually received – if they’re different, you’ll need to reach out to the IRS or your accountant right away.
The Child Tax Credit is not new – what is new is the advanced portion.
Instead of giving you the full amount on your tax return, the American Rescue Plan provided half of your total credit for 2021 through direct payments throughout the year. The other half of your total credit will be applied on your return as it has in previous years.
Get Help Filing IRS Letter 6419 to Get the Money You Deserve
Filing taxes this year may be more of a headache than in the past. This is where 1-800Accountant comes in. We’re not just software that fills out documents for you, we have real, live CPAs and Tax Advisors ready and waiting to help you.
We’re here to answer your questions and file your return on your behalf. When you rely on a professional tax expert, there’s no guessing if you’re filing the correct documents, or putting the numbers in the right places. our team knows taxes. Contact us today for help filing Letter 6419 this year.
This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business advisor, or tax advisor with respect to matters referenced in this post. 1-800Accountant assumes no liability for actions taken in reliance upon the information contained herein.