Most Americans have received their 3rd stimulus check with around 99.5% of citizens receiving their $1,400 and more through direct bank transfers and paper checks. But if are among the 600,000 who missed out on the payment despite being eligible for it, this is your last chance to claim it.
To claim your third stimulus check dues, you will first need to file your 2021 income tax returns and claim the RRC on the returns. But first, you will need to check the amount due to you. You will have to go through Letter 6475, the 3rd EIP, from the IRS. This letter contains the details of the stimulus check amount sent, including any ‘plus-up,’ or partial payments.
The EIP letter contains vital information to help you file your returns accurately and fast. It contains details of your payment and also information related to the Dept. of Veterans Affairs, Railroad Retirement department, and SS Administration.
The stimulus check payments are not taxable but have to be included in the income tax returns for 2021. Already the IRS has received around 10M returns that did not give the correct information on the stimulus money. This has resulted in manual reviews that will significantly delay the refund process.
Using The Stimulus Check Letters
Citizens using a tax preparer should submit Letter 6475 and all other appropriate tax documents, including all correspondence with the IRS. For those preparing to submit their returns themselves, enter the amount given in Letter 6475 of the RR Worksheet to fix any credits. Finally, enter the credit amount on IRS Line 30 of Form 40.
The RR Worksheet is part of the instruction in Form 1040 and is calculated through tax calculation software. Entering the incorrect amount will lead to manual reviews, which will substantially delay the whole refund process.
If you are due any money on your stimulus check, the software will automatically calculate the RRC and add that amount in line 30 of Form 1040.
