IRS Letter 6475

[xmasbaby0]

Then you received the right amount for the CTC.   During July to December you received half of the CTC and on your tax return you are getting the other half.   That is the amount you see on line 28.

Sounds like you had 3 kids over age 6----so for each child you received $250/month   = $750/mo for 6 months  = $4500.   You get another $4500 and it is on your tax return.   Your letter 6419 likely said $2250 for each parent.

For the stimulus---at $1400 per person you would have gotten 5 x $1400 =  $7000 sometime from mid-March onward   That was on your letter 6475 and the IRS probably divided that between both parents and said $3500 each.   If you received the $7000 you are done with getting any more stimulus or recovery rebate credits so line 30 should have been blank.

[Lf03]

Ahhh gotcha! Thank you so much for explaining that! Makes total sense to me now👍🏼 

[xmasbaby0]

@Lf03 Happy to help----it is very confusing for lots of people---and lots of people have made mistakes.   At least you got it right even if the letters confused you!  

[Waynebebay]

😫I thought the same thing. The wording is so illusive in TurboTax for this section.

I found out the hard way, you have to add them together. Because I followed the TT prompts, the IRS had to correct my return and I lost $2,800 from my expected return total.

   I spent the whole day today combing through all of the information on how to calculate line 30 and, sure enough, TT only reported half of the stimulus because I was supposed to add them together. The prompts are very confusing on TT because it doesn't insinuate doing this at all. In fact, I felt really comfortable and excited about this section too. I went over it multiple times before I filed. I even went over the section a few more times when we received my wife's 6475 since it worried me. But, just like you, I thought it was all good to go, the amounts were the same, we also didn't receive multiple payments. The projected Recovery Rebate settled at $4,200 for me when in all actuality, following the IRS's own line 30 calculation instructions, it is $1,400. A $2,800 difference, the exact amount I needed to add in that TT field.

[JRS7]

Has anyone actually completed the IRS instruction worksheet for line 30? Check it out.  It's very difficult to understand. You won't find it in TurboTax. It's on the IRS website. It's a good way to check outside the TT site if your figures are correct for line 30. 

[VolvoGirl]

Turbo Tax has the Recovery Rebate Credit Worksheet.  If you have the Desktop program you can see it in Forms Mode (screen shot).  If you save your return with  all the worksheets it should be included.

For Online  before filing you can preview the 1040 or print the whole return with worksheets
https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-f...

[JRS7]

Thank you. Great post. I went to forms. It's under Recovery Rebate Cr

[Rob1223]

What if I already filed and was unaware that my wife would receive a letter as well. Would I need to make an Anne Denny or will it’s amend it for me? What would be next steps?

[Bsch4477]

Don’t amend. The IRS will correct that for you but any refund will be delayed. 

[mn301]

Thank you. But I am not able to trigger TurboTax Deluxe for Mac to prompt to enter amount from letter 6475 which I only recently received. I have tried all the suggestions but no joy so far. Any and all pointers appreciated.

Thanks in advance and regards

[VolvoGirl]

@mn301   If you did not get prompted to enter your stimulus information, that means you either:

1. Filed as a dependent being claimed on another tax return, or 
2. have an AGI too high to claim the recovery rebate

To get to the stimulus questions in TurboTax at any time, you can search for stimulus and use the Jump to link.  If you are trying to trigger it, you can go to Other Situations, answer any questions and click Done. The next automatic selection is Federal Review and it will ask about payments received.

If your AGI is too high you don't have to enter what you got or letter 6475 and you don't have to pay it back and it is not taxable.

[germa80227gmailcom]

we recieved total economic Impact payment of 2800.  Where does it get reported?

[xmasbaby0]

@germa80227gmailcom You will enter that information in Federal Review when you answer the questions about the recovery rebate credit.

[VolvoGirl]

@germa80227gmailcom 

To get to the stimulus questions in TurboTax at any time, you can search for stimulus or recovery rebate credit then hit ENTER and there should be a Jump to link

If you are trying to trigger it,

Click on Other Tax Situations at top

Click on Let's get started

Answer some questions then Continue

Then click on Let's keep going

Next screen is for the Third Stimulus, if you qualify

If you did not get prompted to enter your stimulus information, that means you either:

1. Filed as a dependent being claimed on another tax return, or 
2. have an AGI too high to claim the recovery rebate

The Recovery rebate credit on line 30 is only if you didn't get the Stimulus payment or qualify for more.  So make sure line 30 is right or your refund will be wrong.

[DesiLu61]

I'm doing my taxes right now and did not get prompted to input any information on a 2021 Economic Impact payment.  Did I miss it somewhere and if so, could someone please tell me which section it's in.  This is really frustrating. Thank you.