The Internal Revenue Service started sending out informational letters regarding the advanced payments of the child tax credit.
If you’re getting the advanced child tax credit payments, you’ll receive Letter 6419. It is recommended that you hold on to this document as there is a good chance you’ll need it when filing your federal income tax return next year – 2023.
Content of Letter 6419
The IRS Letter 6419 provides taxpayers with some helpful information like the total amount received in advanced payments and the number of qualifying children you received these payments.
Based on the information provided in Letter 6419, utilize it to figure out how much you’re going to claim in child tax credit. The amount surely may have been increased, but there is a good chance there might be nothing left to claim if your income exceeds a certain amount.
Other than Letter 6419, there is also Letter 6575 you might receive soon that provides information about their third Economic Impact Payments. This letter is intended to arrive in the mail for most taxpayers by the end of January.