Child Tax Credit: If IRS Sent You Letter 6550, H&R Block Wants To Help

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If you’re one of the nine million Americans who will receive an Internal Revenue Service (IRS) letter regarding eligibility for unclaimed tax credits, you will need to act quickly. Fortunately, H&R Block wants to help taxpayers navigate the process.

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The so-called 6550 letters mean that the IRS’s records show you may qualify for one or more of the credits expanded by the American Rescue Plan Act for 2021, including the Recovery Rebate Credit, the Child Tax Credit and the Earned Income Tax Credit, the IRS explained on its website.

In order to claim the credit, you must file a tax return. The extended timeframe to do so electronically in order to claim the credit ends on Nov. 17, 2022, H&R Block said in a press release.

For the Child Tax Credit, the amount is up to $3,600 for each qualifying child ages 5 and under; up to $3,000 for each qualifying child ages 6 through 17, according to the IRS. “You may have received up to half of this amount through monthly payments in 2021. You must file a tax return to receive the rest,” the IRS noted on its website.

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H&R Block said that taxpayers can get help from a tax professional online or in person to navigate the process of filing 2021 returns and accessing the credits.

In terms of income eligibility, all eligible families can receive the full credit if they made up to $150,000 for a married couple, or $112,500 for a family with a single parent in 2021, according to the government’s child tax credit website.

Child Tax Credit: Grandparents and Other Relatives of Dependents Can Collect Money — Are You Eligible?
See: IRS Adjusts 2023 Tax Rates for Inflation: How It Will Impact Your Finances

This credit is non-taxable and will not affect or lower other federal benefits.

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About the Author

Yaël Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.
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