You may be eligible if you gave birth to a child in 2021 and claimed the child as a dependent on your 2021 tax return.
At the beginning of 2021, parents whose children were born after the third economic impact payment was sent out received a $1,400 Recovery Rebate Credit.
Parents who think they may be eligible should double-check their household’s income.
In order to be eligible, single taxpayers must have an adjusted gross income of less than $75,000 in 2021, while married couples filing jointly must have an income of less than $150,000.
The amount of the check will be reduced if a family’s income exceeds those limits.
Taxpayers who earn $80,000 on their own or $160,000 as a married couple are ineligible.
Letter 6475 was one of the most important tax letters sent out by the IRS at the beginning of the year.
Families with newborns may be eligible to receive the third economic payment, which was issued in early 2021.
The IRS Form 1040 Recovery Rebate Credit worksheet can be used by those who received Letter 6475 and want to figure out how much money they’re entitled to get back.
The IRS began accepting tax returns on January 24, and refunds are typically sent out via direct deposit within 21 days of that date.
The refunds of paper tax returns can take up to six weeks to arrive.