The Internal Revenue Service (IRS) has issued Letter 6475, Economic Impact Payment (EIP) 3 End of Year, to help EIP recipients determine their eligibility for the Recovery Rebate Credit on their 2021 tax year returns. This letter provides the total amount of the third Economic Impact Payment and any plus-up payments received for tax year 2021.
Understanding Letter 6475
Letter 6475 applies solely to the third round of EIPs issued between March 2021 and December 2021, including “plus-up” payments. Plus-up payments were additional EIP 3 payments sent to individuals who:
- Received a third Economic Impact Payment based on a 2019 tax return or information received from the Social Security Administration, Railroad Retirement Board, or Veterans Administration, and
- Were eligible for an additional amount based on their 2020 tax return
Importance of Letter 6475 for Tax Filing
Most eligible individuals have already received the full amount of EIP they are entitled to. However, those who have not received the full amount should review the payment information in Letter 6475 to determine if they should claim the Recovery Rebate Credit for tax year 2021.
For instance, parents of a child born in 2021 or those who added a new qualifying dependent to their family in 2021 may not have received a third-round Economic Impact Payment for that dependent. They may be eligible to receive up to $1,400 for the dependent by claiming the Recovery Rebate Credit.
Accessing Letter 6475
The IRS is streamlining the storage of information needed to file 2021 tax returns. For married individuals filing a joint return with their spouse, each spouse will need to log into their own Online Account to access their portion of the total payment.
The Online Account includes summaries for:
- Third Economic Impact total payment amount
- Advance Child Tax Credit total payment amount
The IRS updated the Online Account with the third Economic Impact Payment at the end of January 2022, in time for the 2021 tax return filing season.
Alternative Option: ID.me Account
If you do not have your Letter 6475, you can create an ID.me account to verify the details from the letter. To check your Economic Impact Payment using ID.me:
- Create a new ID.me account (if you don’t have one) by going to: https://www.irs.gov/payments/your-online-account.
- Follow the steps to connect your ID.me account to the IRS.
- Once your account is connected, you will be able to view your Economic Impact Payment information.
Letter 6475 provides valuable information for EIP recipients to determine their eligibility for the Recovery Rebate Credit on their 2021 tax year returns. Individuals who have not received the full amount of EIP they are entitled to should review the payment information in Letter 6475 or create an ID.me account to access the necessary details. This information is crucial for accurate tax filing and claiming the appropriate tax credits.
How to verify your identity with the IRS to receive your tax return
FAQ
Do you need stimulus check letter for taxes?
How can I get a copy of my stimulus letter?
How can I get proof that I received a stimulus check?
Do you have to report stimulus check to IRS?
Can I get a stimulus payment if I don’t file a tax return?
You received an advance payment of the health coverage tax credit If are not required to file, you can use the TurboTax free Stimulus Registration Product to provide the IRS information needed so that you can receive a stimulus payment. What if I receive Social Security or Supplemental Security Income?
Do I need to file for a stimulus payment?
If are not required to file, you can use the TurboTax free Stimulus Registration Product to provide the IRS information needed so that you can receive a stimulus payment. What if I receive Social Security or Supplemental Security Income? Not everyone needs to file to get a stimulus payment.
Do I need a stimulus letter if I’m not owed additional money?
Even if you are not owed additional money, you’ll still need the letter to report any stimulus payments on your taxes. (If you have any tax questions, feel free to fill out this form, which also is below. USA TODAY will be answering top reader questions as we go through the 2022 tax season.)
When will my stimulus check be based on my tax return?
Stimulus checks will be based on information from your most recent tax filings, either tax year 2019 or 2018. If you have not filed your 2019 taxes, the IRS will use information from your 2018 tax return.