Stimulus payments must be reported in this year, they will be for the 2021 tax year and the outlook will be a little different during this tax season. Many tax payers don’t manage to report the exact amount they owe to the IRS, but there is a way they can find out for sure and pay up. During the late month of January, the IRS started sending out a type of document that is completely new and it will make your tax paying responsibilities way easier.
It is called the IRS Letter 6475. Every single tax payer who will file for taxes every year is getting this letter, they need to read it carefully and use it in order to pay the right amount of taxes they owe. Using the figures in this specific will help tremendously with not only tax filing but it will also help you avoid significant tax returns and refund processing delays.
What is Letter 6475?
IRS Letter 6475 is the official way that the Internal Revenue Service is now recording your Economic Impact Payment for the year. It started in 2021 but it will roll out for 2022 as well, these letters are expected to hit tax payers every year at the beginning of January. They will be good for the previous fiscal year and they will be a great support for everybody who takes their tax paying responsibilities seriously.
It is slightly similar to tax form in the sense that it outlines your personal information such as address and name. It will also show the total EIP for the previous fiscal year issued by the IRS. That way you can be ready to go pay the correct amount. We encourage you to use this letter before you file your taxes for the previous year against using other documents. If you don’t have the right amount on your return, you could easily trigger a manual review of your tax return. This will inevitably delay your return and refund for weeks.
