Tax Updates and Reminders
2021 Reminders:
- The amount received for the third Economic Impact Payment received between the dates March 14, 2021 to July 15, 2021 is to be reported on the 2021 Tax Return.
- For those who have received Advanced Child Tax Credit from the dates of July 15, 2021 to December 31,2021; the total amount received is required to be report on the 2021 Tax Return. A letter from the IRS will be mailed out in January 2022 for your record of what was received. The letter will be identified as “Letter 6419”.
Helpful IRS link: Get ready for taxes: What’s new and what to consider when filing in 2022.
https://www.irs.gov/individuals/steps-to-take-now-to-get-a-jump-on-next-years-taxes