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IRS Letter Explains Recovery Discount Credit

(WJW) – Those who have received a third stimulus test in 2021 will soon receive a letter from the Internal Revenue Service for tax purposes.

The IRS said in a statement. “Don’t throw them away.”

These letters are intended to help you complete your 2021 tax return by explaining in more detail how to claim your economic impact (stimulus) payments, which are not taxable but still have to be claimed bridge.

But what if you’re missing a stimulus payment?

You have the right to a credit recovery discount, and should you sign up for one? The cover letter will walk you through the entire process, letting you know how much stimulus money you’ve received, including any “plus payments” and any extra money still owed to you.

Worth up to $1,400 to the recipient and any dependents, the third stimulus checks began being sent last March.

The letters are supposed to start being sent out at the end of January. A private letter is also being received sent to families that received a child tax credit last year.

The passage of the CARES Act sent the first round of direct payments to US taxpayers in April 2020. Those checks were followed by another round of payments in December 2020 and later. is the third installment under the American Rescue Plan in 2021. The IRS also began issuing monthly payments to families with children in July 2021 as an advance for increase the child tax credit.

Learn more about filing your tax return, due April 18, by visiting the IRS website.

https://www.westernslopenow.com/news/stimulus-checks-irs-letter-explains-if-you-qualify-for-recovery-rebate-credit/ IRS Letter Explains Recovery Discount Credit

Emma Bowman

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