The Internal Revenue Service (IRS) has announced that it would begin mailing the “6475” letter, which refers to the third wave of Stimulus Checks.
According to sources, the letter will be sent to about 36 million homes, and it will help determine if the recovery refund credit may be claimed on the 2021 tax return.
In late January, beneficiaries will get Letter 6475, alerting them of the value of stimulus checks they received the previous fiscal year. Keep this IRS letter since you’ll need it to start filling out your federal return for 2021.
Letter 6475, according to the IRS, only applies to the third stimulus check cycle, which began in March 2021 and will finish in December 2021.
While the time to submit your 2021 taxes is April 18, 2022, the sooner you file, the sooner you will receive a tax refund. Last year, the average tax refund was more than $2,800.
The IRS anticipates that the majority of taxpayers would get a tax refund – if they qualify – within 21 days after submitting an electronic return, with the recommendation that paper returns be avoided if at all feasible.
It’s important to remember that the IRS isn’t allowed by law to provide a tax refund that includes the Earned Income Tax Credit or the Additional Child Tax Credit until the middle of February, but you can still file your return starting on January 24.
If your tax return requires special attention from an IRS employee, your refund may take longer than the typical 21 days. If this occurs, the IRS may correct the error and then provide you with a Stimulus Check.