New key tax form in the mail | News
Parents are inundated with paperwork every day of the year. But this year, they definitely want to keep track of one key letter – letter 6419, which will be sent to you by none other than the Internal Revenue Service.
Do not throw away this letter. Keep it with all your other important tax documents, including your W-2s.
Repeat: keep this letter for your taxes.
The IRS said in early January that it began sending these letters in December to those who received a child tax credit advance last year. But many parents had yet to spot that letter in the mail as of January 19.
The IRS kicked off tax season on Monday (January 24).
Some families may want to wait a bit when it comes to filing until they spot the letter, which can help them file an accurate return and avoid delays.
Others who don’t want to wait may need to review their own records and verify their specific information on the IRS Child Tax Credit Update Portal site.
Someone who doesn’t normally earn enough money to be required to file a tax return will still need to keep this letter to claim any additional amounts that may be owed for the child tax credit when they file a return. federal revenue statement for 2021.
Even if you had no income,” the IRS notes, “you could have received child tax credit advance payments if you were eligible.”
When did the Advanced Child Tax Credit arrive?
Families who received the advance child tax credit in 2021 – the money came out from July to December – must reconcile what they received last year with their financial situation this year and file Schedule 8812.
The monthly installments have been designed so that half of the total loan amount is paid in monthly installments over these six months of 2021.
The filer will claim the other half when filing a 2021 tax return. The IRS issued the first advance payment on July 15, 2021.
What does Letter 6419 look like?
While many have yet to see the letter, I have reviewed a sample copy that is posted online at IRS.gov. It was found on the IRS page titled “Understanding Your Letter 6419”.
Letter 6419 is a black and white one-page letter with an IRS logo in the upper left corner. It is issued by the Treasury Department and the Internal Revenue Service.
The letter has a large box at the top that reads: “2021 Child Tax Credit (AdvCTC) Total Advance Payments.”
The letter states in bold: “Keep this important tax information. You need it to prepare your 2021 tax return.
The very top of the correspondence does not indicate “Letter 6419” in bold type at the top. But it is marked as “Letter 6419” in the lower right corner.
The term “Letter 6419” is also listed in box 1 at the top of the letter in the sentence that refers to married couples filing jointly for the 2021 tax year.
Will I get one or two of these letters from the IRS?
Excellent question. You might expect a letter. After all, a married couple filing a joint return sends only one tax return, so it would make sense for a couple to receive one letter. But that’s not the case at all.
The IRS will send two letters — and you’ll need to save them both — to married couples who file a joint return, according to April Walker, senior tax practices and ethics officer at the American Institute of CPAs.
According to the instructions on the example posted on IRS.gov: “If you are filing a joint return for the 2021 tax year, you must add the amounts from box 1 of the two letters 6419 and enter the total amount on the appendix 8812.”
Keep both letters. Don’t assume you’ve received a duplicate letter out of the blue and throw one away. oh