The IRS is warning parents about a special form, related to the child tax credit, you need to file your taxes this week.
If you don’t have that letter from the IRS right now, it could be for 3 different reasons: You never got it because of a change of address or something else; The IRS hasn’t mailed your letter yet; or you have it and throw it away, that’s okay because there is a website where you can get all the information you need.
If you lose or dispose of letter 6419, you can go to IRS.gov and create an account. You’ll be able to find all of the information included in the letter, including how much you’ll receive in the six-month child tax credit in 2021 and the number of eligible children.
Victor Claar, an economist at Florida Gulf Coast University, says that now that we’re in tax season, there’s one thing parents need to keep in mind.
“This is the amount that in many cases was paid to you,” Claar said. “And it could mean your tax bill will be higher than you are used to when you file for 2021, or the refund you receive could be smaller, because you received six of the The 12 payments are worth the credits that you will receive at this point when you file your taxes. “
For those with a different filing status in 2021, you need to pay extra attention to that form as it is based on your 2020 filing status. If you had a child who turned 18 last year, or you adopted or gave birth to a child in 2021, Claar says the payments you receive may be more or less than they should be.
“If your family situation changes, pay attention to that letter,” says Claar. “And also pay close attention to the IRS regulations on who qualifies for that… I think, in the worst case scenario, you could owe some money; for example, if in a particular narrow time period one of your children turns 18”.
Claar says the IRS is still sending those letters, so if you haven’t received it, it’s probably on the way.
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https://www.winknews.com/2022/01/25/help-with-your-child-tax-credit/ Help with your child’s tax credit