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NOT HAVING THIS INFORMATION COULD DELAY YOUR RETURN

2021 Child Tax Credit Payments

In 2021 the federal government issued advanced Child Tax Credit payments to eligible taxpayers based on information from 2020 tax returns.

It is the taxpayer’s responsibility to provide documentation of the amount of any advanced Child Tax Credit payments issued.

Acceptable documentation:

  • IRS Letter 6419 showing the amount of your payment(s)
  • Print out from your account on www.IRS.gov/accounts
  • Copies of check(s) and/or bank statements

The advanced payments will be reconciled on your 2021 tax return. Any Child Tax Credit due on your 2021 tax return will be reduced by any advance payments you received.

In certain cases, you MAY be required to repay excess Child Tax Credit payments you received. In the event that you have a repayment requirement, you MAY qualify for repayment protection.


2021 Recovery Rebate Credit Economic Impact Payment (EIP)

In 2021 the federal government issued a 3rd Economic Impact Payment to eligible individuals.

If you received the full amount of the 3rd Economic Impact Payment, you cannot claim the Recovery Rebate Credit.


It is the taxpayer’s responsibility to provide documentation of the amount of any Economic Impact Payments issued.

Acceptable documentation:

  • IRS Letter 6475 showing the amount of your payment(s)
  • Print out from your account on www.IRS.gov/accounts
  • Copies of check(s) and/or bank statements

Any Recovery Rebate Credit due on your 2021 tax return will be reduced by any Economic Impact Payments you received. You are NOT required to repay any Recovery Rebate Credits received in excess of the amount you are eligible on your 2021 tax return and any refund you are due will NOT be reduced.

Contact me for your personal tax prep services.

https://kriegerfinancialcoaching.com/contact/

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