IRS letter 6475

[7229momof6]

TT says we should have received 7,000 for our third stimulus.  Our letters say 3,500 each which makes 7,000.  The problem is when I look at our bank outcount at the installment payments beginning in July 21-December 21 and add them we only received 4,500 not the 7,000.  So, I'm confused which button I should click.  "yes" we received the 7,000 that is both 6475 letters combined or "no" and enter the 4,500 because that is actually what we received.  Any help?  I'm so confused because even the IRS website said to check your bank account statements which is different than what their letters say.

[xmasbaby0]

You are confusing the 3rd EIP payment of $1400 per person with child tax credit payments.

Letter 6475 is for the $1400 stimulus payments you received.   Enter that information for the recovery rebate credit in Federal Review.

Letter 6419 is for the advance child tax credit payments---the payments you received between July and December.

Federal>Deductions and Credits>You and Your Family>Child Tax Credit

The IRS is sending out letter 6419 to you.  It will show the amount of advance child tax credit that you received during 2021.  Enter the information from that letter carefully.   

The remaining amount of CTC that you can receive will show up on line 28 of your 2021 Form 1040.   Then it will calculate down to the refund you see on line 35a or the tax due on line 37.

PREVIEW 1040

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

NOTE:   The CTC is indeed a “credit” that can be applied toward any tax liability that you would otherwise have to pay as “tax due”  to the IRS.

[MaryK4]

You should go to the Child Tax Credit Update Portal  The IRS says:

"For the majority of taxpayers, the advance payments total in Letter 6419 will match the total in online account.

If the advance payments total differs between your Letter 6419 and your online account, rely on the total in your online account. 

Your online account has the most current advance payment information. Do not rely on the Child Tax Credit Update Portal or Tax Transcripts for the advance payments total.   Keep Letter 6419 for your tax records."

The problem is if you report a different amount than the IRS has, it will delay your refund.  If the portal has the same amount as your letter:

Review your payments in the Child Tax Credit Update Portal to ensure the payment was not returned. If you did not receive the payment and the payment was not returned, you may request the IRS to trace the payment. If it is determined the payment was not received or was returned to the IRS, IRS records will be updated, and you can exclude the payment from the aggregate amount of advance Child Tax Credit payments you report on your tax return. This will allow you to claim, if eligible, the missing payment with your Child Tax Credit on your 2021 return. Contact the IRS, as soon as possible, from 7 a.m. to 7 p.m. local time at 800-908-4184. When you call the IRS, you must provide the following information about the missing payment: the payment date, method, status, and amount that is displayed in your Child Tax Credit Update Portal.

[samsamtoo]

i mistakenly did not enter my wife's stimulus amount. how do i change this?

[DoninGA]

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@samsamtoo wrote:

i mistakenly did not enter my wife's stimulus amount. how do i change this?

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If you have not filed the 2021 tax return -

Enter stimulus in the Search box located in the upper right of the program screen.  Click on Jump to stimulus