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Although the last batch of stimulus checks were sent out last year, there are still tax credits and stimulus money benefits you can take advantage of in 2022.
See: Everything you need to know about the child tax credit before you file your taxes this year
Find: IRS FAQ: Child Tax Credit Questions Dominate During Filing Season — Here’s What You Need to Know
The IRS began issuing Letter 6475 last month, a letter that details information on all recent stimulus payments received. Those who received Economic Impact Payments (EIPs) last year will receive Letter 6475 this year. The IRS says the letter will help those who received stimulus payments determine whether or not they are eligible — and should — claim the recovery refund credit on their taxes this year.
Notably, letter 6475 only applies to the third round of stimulus payments – stimulus checks that were paid last year starting in March and running through December. The third round of stimulus checks and the increased payments made in 2021 were considered 2021 recovery refund credit advance payments that must be claimed on a 2021 tax return.
Careful consideration should be given to the boosted payments in particular, as these were additional payments made to people who the IRS found were not paid enough in the first rounds of stimulus payments. These increased payments were a correction made by the IRS to people who they believe owed a larger payment based on their 2020 or 2019 tax returns, or based on information provided by other government agencies such as than the Social Security Administration.
The IRS says most people who owed an increased payment have already received it, but those who still miss stimulus payments need to consider whether or not they can claim the recovery forgiveness credit. This means that if you think you should have received a third stimulus payment (or increased payment) last year and you did not, you may be eligible to receive the recovery refund credit this year for tax time. These credits are also available to people who don’t normally need to file a tax return, as they are part of the stimulus package.
Learn: Stimulus Update: IRS Announces All Postgraduate Economic Impact Payments Sent
Explore: should you expect any additional stimulus this month?
Letter 6475 contains information that can help you claim this money. If you think you should have gotten a third stimulus payment or an increased payment (or if you’re generally not sure if you even got one), be sure to be on the lookout for this letter in order to help you. to deposit and claim the benefit.
You can also click here for more information on the Recovery Rebate Credit for 2021.
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