When you file your taxes, IRS Letter 6419 has all of the information you'll need to "reconcile your child tax credit." There could be a lot of reasons why you received that document and realized the information is inaccurate.
Last year, most families received half of the expanded child tax credit in advance via monthly payments, but there's still money to be claimed: $1,800 for children under the age of six and $1,000 for children aged six to seventeen. Families will receive the funds when they file their tax returns for the year 2021 and receive their tax refunds.
What should you do if you receive an incorrect Letter 6419?
Do you have a new bank account that you switched to in December? Your IRS letter's details could have been inaccurate as a result of this. People who changed banks in December, according to the IRS, are among those who are affected. Because the previous bank account had been closed, the direct deposits were most likely refused.
Did you relocate by the end of 2021? If this is the case, it is possible that the figures on your IRS letter are incorrect. According to the IRS, families who moved in December may have received incorrect information since their final child tax credit check was returned as undeliverable.
When you move, we recommend that you notify the IRS and the US Postal Service of your new address. This could help keep any money owed to you from being delayed, such as the remainder of your child tax credit, your tax refund, and any stimulus money you haven't received.
Wait for further instructions from the IRS if the information on your child tax credit letter is incorrect. According to the government, it is attempting to offer consumers the most up-to-date information they require in order to file their taxes.
You can also determine if your information has been updated by logging into your IRS account online. If the information on your account matches that on the letters but is incorrect, you have a few options.
The first option is to file your taxes using the information on file to avoid a delay in your tax refund, and then update your return once your IRS account displays the proper amount owed to you.
The second option is to file your taxes with the exact amount owed to you. This could cause your tax refund to be delayed since the IRS will have to do additional processing. If you take this option, you could be out of luck for months.
We do not recommend phoning the IRS about problems with your notice because call volumes are substantially higher and you will most likely have to wait a long time to talk with someone.