Letter 6475 is an introductory letter from the Internal Revenue Service (IRS) that you should have received. For example, suppose you received a ‘Third Economic Impact Payment,’ often known as a stimulus check, in 2021. In that case, the letter will notify you if you are qualified for some funds under the Recovery Rebate Credit.
Purpose of Letter 6475
According to Fox8, the letter contains any plus-up payments, which the IRS sent over to people who have received a third stimulus check based on a 2019 tax return or information from the Social Security Administration, Railroad Retirement Board, or Veterans Affairs. Letter 6475 relates to the third stimulus payment and contains how much stimulus money you received last year. According to the IRS, plus-up payments were also provided to qualified individuals for a more significant amount based on their 2020 tax return.
Letter 6475 only pertains to the third Economic Impact Payment, distributed throughout the year after being issued in March. You can use this letter to see if the Recovery Rebate Credit is available on your return.
With 36 million families expecting the letter, many Americans may be due for a refund. So, to make this happen, filers must complete the taxes correctly. If your submission contains errors, the IRS may conduct a manual examination, which will inevitably cause a delay in receiving your results. Once a case has been thoroughly investigated, you will receive a refund.
Third Stimulus Checks Issued
According to the IRS, in 2020 and early 2021, the first and second rounds of Economic Impact Payments were issued. The first two rounds of Economic Impact Payments were payments made in advance of the 2020 Recovery Rebate Credit on a 2020 tax return.
Economic Impact Payments were issued for the third time beginning in March 2021 and ending in December 2021. The third batch of Economic Impact Payments, which included plus-up payments, were advance payments of the 2021 Recovery Rebate Credit claimed on a 2021 tax return. The payments were received by the majority of those who were qualified. People who are missing stimulus payments, on the other hand, should check some information to see if they are eligible and if they need to file a Recovery Rebate Credit claim for the tax year 2020 or 2021.
According to cnet.com, in a January release, the IRS stated that the Economic Impact Payment letters contain necessary details to help people file their tax returns quickly and accurately. That includes personal information such as your name and address, as well as the total amount sent in your third stimulus payment.
Read More About: