IRS talks handling child tax credit, stimulus checks on 2021 taxes


WASHINGTON (WCHM) — The 2022 tax season is upon us, and the IRS has advice that you need to hear about key elements of your 2021 tax return. Whether you file electronically or by mail, get all your forms and documents in order; on Monday, January 24, the IRS starts accepting federal income tax returns.

If you received advance child tax credit payments in 2021,look out for Letter 6419. This document shows how much the IRS paid in box 1. You can also find this amount on the IRS website if you have an account. Just sign in and check the processed payments section for the credits. According to the Taxpayer Advocate Service—an independent organization within the IRS—If you received the payments electronically, another way to find the amount is to search your bank account for transactions labeled CHILDCTC, starting July 2021, from a company named “IRS TREAS 310.”

If you use Form 1040 to file your taxes, you’ll need to fill out Schedule 8812 “to figure your child tax credits, to report advance child tax credit payments you received in 2021, and to figure any additional tax owed if you received excess advance child tax credit payments during 2021,” according to the IRS.

Also, for filers who got a third economic impact payment, sometimes referred to as a stimulus check, the IRS states it will mail you Letter 6475. Another way to check the amount of your EIP is to find Notice 1444-C that the IRS indicates was sent out by mail after payments began in March 2021. You can also refer to your bank account; again, the TAS says to look for IRS TREAS 310 with the code TAXEIP3, or go to the IRS website and sign up for an account if you don’t already have one.

If you are not a fan of filing as soon as possible, there is some good news. Tax Day 2022 will be Monday, April 18. This year, Emancipation Day, a government holiday in Washington, D.C., falls on Friday, April 15.

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