Turbo tax amount that I should of received and deposited amount by IRS match. The letter in the mail from the IRS states 2800. The letter has my name and my spouse's. My children are missing from the letter which is why they are showing less. When I go through the turbo tax program do answer yes or no. (no makes it seem like I was underpaid which I know I was not)
If you enter an amount different than what is on your 6475 then the IRS may delay processing for an extended period of time. If you don't care about that then you should definitely go ahead and enter the amount that you actually received for the year. That is the correct amount and what the IRS should have in their records and if they investigate then it is what they will find that they actually issued to you.
Putting the correct amount in the return may not delay your return as well. Because you know what you actually received there may be a second 6475 coming with the difference on it.
Either way you can log on to your online account and double check the amount that the IRS shows that you received. Log in or create an account here.
In my case when I go to the IRS site it shows we am entitled to the 1400 each for my wife and I. The 6475 Letter states we were issues 1400 each, but we are positive we received only a total of 600. That part of the forms in Turbo Tax is a bit confusing, at least to me. I think there should be some definitive spot to select that we received less than what the IRS says we are due AND what was received. For me it should mean we are due an additional credit of 2200 to get to the 2800 due. It might delay my refund or processing of my return but it is significant enough that I must. Sam
There have been some discrepancies in the information in Letter 6475. If you are sure that the 6475 Letter you received is incorrect, you should enter the correct information in TurboTax. This may or may not delay the processing of your tax return.
Keep in mind that Letter 6475 only applies to the third round of economic impact statements sent out during 2021.
TurboTax will calculate the amount of your stimulus payment. TurboTax will then ask the question how much you did receive in economic impact funds. Enter the amount you received in the box. If you are sure you only received $600 then enter that amount in the box. TurboTax will then calculate the remainder as a credit on your return. The amount of credit will be applied against any taxes owed along with any other withholding, estimated payments, or credits you might be entitled to, and any excess with be refunded.
My wife and I received 6475 Letters stating we were issued payments totaling $2,800. TurboTax states we should have received compensation between "March and May 2021", but we received $2,400 in January 2021.
I am not following the logic of entering the amounts on the letter "matching" the eligible total of $5600 because I see only one entry for $2,400 in January 2021. When I enter the $2400, TurboTax says the Federal Refund jumps by $3,200, which does not seem right either.
Does the "eligible" $5600 total include 2020, or does it only apply to 2021? If it is 2021 only, then we most certainly did not receive a payment of $5600; however, I am not sure how we reflect that correctly in TurboTax. Please advise. Thanks.
It depends. If you are filing jointly, the third stimulus payment is $1400 per person, for a total of $2800 for both of you combined. So when you declare your stimulus payment in the Let's double-check the amount you received;
For tax year 2021, it is only the third round stimulus that the IRS is concerned about. First and second payment information was reported in the 2020 return.
@DaveF1006, thank you for your quick response!
We filed jointly, so the total of $2800 answers one question. 2020 not being in the equation answers another one, which is greatly appreciated.
One detail I left out is we have two qualifying dependents; hence, the $5600 total TurboTax states we should have received. If I understand correctly, putting in $2400 as "the third round stimulus payment received" and, therefore, adding $3200 to the federal refund is accurate. Does that sound correct? It would be great, but it also sounds too good to be true. 😊
Hi mel6502, I should have asked if you have dependents. Two more dependents add up to another $2800 that you should have received. The 6475 letters are correct then and $3200 is the correct credit you will receive on your 2021 taxes.
I am not a tax expert but 2400 sounds like the distribution under the Trump administration which was considered 2020 paid out in January 2021 that was 600 per dependent. The other is referring to the 3rd stimulus check that for a family of 4 was 5600. That was received somewhere between late feb to may. As I first stated the letter the IRS did not include my dependents in how much they paid they only included Taxpayer and spouse in the letter. The children dependents were not included in the letter. The only way to confirm what was paid is by looking at the bank account.
@kemo1a, that is an excellent point because we got nothing in the February to May 2021 timeframe. With that line of thinking, perhaps, I should say "0," which would mean getting the entire $5600. My considerable concern is, what if I am wrong?
@mel6502 You stated earlier you received a letter 6475 reporting $2800 for you and your spouse. You should enter at least that amount for third round stimulus payments already received. If you know you also already received an additional $2800 for your dependents but just haven't gotten a letter showing that, you should still enter that amount as received as well.
If you did not receive the other $2800 then don't enter that amount.
As @kemo1a states the $2400 is likely round two stimulus payments and does not go in your 2021 return.
@DMarkM1, thanks for the further clarification. I know we only received one payment of $2400 in January, and if that was part of round two, then that means I put 0 for the amount which triggers the $5600 credit. Based upon everyone's feedback, that sounds right but still sounds too good to be true. 🤣
You can always review the third economic impact payments for you based on the IRS information by reviewing your IRS Online Account. You can create one if you don't already have one. This will confirm the amount, if any, to ease your concern before you file.
@DianeW777, yes, I did that too; the site says Economic Impact Payment 3 is $2800 as stated in Letter 6475. This data alleviates my concerns since the only deposit received in 2021 was $2400 and is related to Payment 2. Thanks for the help, everyone!
You should file your return with accurate information. The IRS also has a page of answering several questions about the third economic impact payment. If you did not receive it you should enter zero and file your return. If there is any issue you will be alerted.
[Edited: 02/17/2022 | 7:07a PST]
My Letter 6475 that I received from the IRS says we received $1400 from the third stimulus payment, but I received a payment for $2800.
I'm not sure what I should enter on my tax form. I don't want to receive any money because we got the full $2800 that Turbo Tax said we should have received, but the letter doesn't match.
Enter the full 2,800 you got. You each should get the 6475 letter for 1400 each. But you don't need the letter. Report the total you actually got.
I finally figured it out. We got a paper check for $5600 in April 2021. My initial amount searches for $2800 came up empty, coupled with the assumption it would have been a direct deposit, which threw me off the scent. Thanks for the help everyone!
Wanted to jump in on this thread because I'm seeing this too. Can someone give some ideas as to why our letter 6475 is different than what is on the IRS website? We're married filing jointly with one child under age 13 and meet the qualifications for the full payments based on joint filing.
IRS website has payments to us for $2800 (April 2021/Tax relief credit) & $1400 (April 2021/Credit to your account), equaling $4200. We also have the $250/month each for the advanced child tax credit for my wife and I that went on for 6 months.
Now I receive a letter 6475 addressed to me only that has $2100?
Turbo tax when going through the input process shows $4200 that I should have received and matched the IRS website, but why does it say use the amount on letter 6475 online in your program?
So I did use the amount of $2100 like it said and now I'm due a refund, but now the IRS has corrected my return and sent me letter 9024 with an explanation of why I owe. Could form 6475 be wrong and not show the correct amount like the IRS website does?
Not sure if you checked under both your and your wife's account. They were supposed to send each of you one. I received my wife's and not mine. When I went to IRS tool and logged in under my name, I found the information of what they paid me. (I did not see the copy of the 6475 just through payout fields)
@rgcaryjr You each should have got a letter for half 2100. The IRS is saying they sent you 4,200 which is the 3rd Stimulus for 3 people (1,400x3=4,200). You needed to report the full 4,200 on your tax return. Then line 30 would be 0 or blank. You tried to claim it again on line 30. Line 30 is only if you didn't get the full amount (but you did) or if you qualify for more.
I think the IRS is having problems sending out the spouse's 6475 letter. But you needed to enter the full amount you did get which was the 4,200.
That's the issue I bet. $2100 x 2 = $4200 and I did not get a letter for her, only me.
Thank you. That's what the issue is then. I only received the letter and not my wife. I guess the IRS is right. I was hoping it was a computer mistake on their end. :( While it's not the outcome I wanted it's closure to an issue that was annoying me and I can rest now.