Letter 6475: What Is It & What Are the Benefits

Monday, January 23, the tax season is expected to officially begin. As you prepare to file your taxes, keep an eye out for two letters from the IRS: Letter 6419 and Letter 6475. 

What are the letters 6475 and 6419? These letters are not a cause for concern. However, they are important for your tax filing, so make sure you hold on to them. This is especially critical given that the Internal Revenue Service (IRS) has already warned taxpayers that this tax season will 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. 

Furthermore, you should wait to file your taxes until you receive Letter 6475. Using the figures in this document will not only help you report your 2021 stimulus payment correctly but will also help you avoid significant tax return and refund processing delays.

What is IRS Letter 6475?

Letter 6475, which applies to the third Economic Impact Payment, helps eligible taxpayers determine if they can claim the Recovery Rebate Credit on their return. Stimulus checks are not taxable but do need to be reported when you file your taxes. 

The letter will contain the following information:

  • Your personal information, including name and address
  • The total amount of Economic Impact Payment the Internal Revenue Service issued to you in 2022
  • You should know that there’s a chance that you were paid an incorrect amount, as these payments were based on your income level and household configuration. If your situation has changed in 2022, an adjustment may be required.

    Benefits of Filing Letter 6475

    There are a couple of reasons you should file the money you received from the Economic Impact Payments letter.

    1. If you didn’t receive the full stimulus payment that you were owed, you can file a 2021 federal income tax return to claim the additional funds as part of the Recovery Rebate Credit. 
    2. You could be entitled to a refundable credit, such as the Earned Income Credit or Child Tax Credit. However, you must file a return to get this money. 

    Get Help Filing IRS Letter 6475 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 expert CPAs and Tax Advisors ready and waiting to help you. 

    We’re here to answer your questions and file your returns for you. 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 6475 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.