Child Tax Credit Recipients Need To Watch For THIS Letter
If your family got the advanced child tax credit payments in 2021, filing your taxes will be a bit different this time around. And to complete your taxes, you'll need to hold on to a letter that the IRS is sending out to millions of households in the U.S.
CNBC reports that the form you need to be on the lookout for is called Letter 6419. Some letters have been sent out already, with the rest going out by late January. What does the letter contain? It has the number of dependents you claim and also the total amount of money that you received early if you opted into the advance payments. CNBC points out that the money that was handed out from July through December of 2021 was half of the child tax credit. The other half can be gained when you file your tax returns.
Once you get the letter, hold on to it. Use it to correctly figure your child tax credit on your 2021 tax returns. With the information in the letter, you'll better be able to figure out how much more money that you'll get from the credit. Don't have the letter yet? Experts say to wait until you do to file your federal return. The enhanced Child Tax Credit is $3,000 for kids aged 6 to 17 and $3500 for kids under the age of 6. It's $3600 per child under the age of 6.
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