The IRS will soon send letters out to households regarding stimulus money for the 2022 tax season and they want you to be looking for them.
The letters are aimed at helping you file your taxes correctly and eliminate the risk of repaying hundreds of dollars to the IRS.
Letters have already started going out to families that received the child tax credit payments this year.
Related: Some Americans will qualify for $8,000 stimulus checks, here’s who gets them and when they’ll be sent
By having the information in the letter on hand, it will make filing taxes much easier and reduce the chance of any errors in processing.
IRS Letter 6419 explained
These letters have started going out and will continue to go out in January.
The dollar amount families received in total is outlined in the letter to it can be properly reported.
You can also check your payments with the CTC Update Portal.
In 2022, if you were eligible but did not receive payments, you can claim them in full on your tax return.
How do penalties work for the child tax credits?
If you do not meet your tax obligations you might owe a penalty.
This happens if you do not file in time, pay what you owe on time and correctly, prepare a return that’s accurate, or if you don’t provide accurate details.
Interest can be added into any penalties.
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