Although the final batch of stimulus checks were sent out last year, there are still tax credits and benefits from stimulus money you can take advantage of in 2022.
The IRS began issuing Letter 6475 last month, a letter which details information about any recent stimulus payments received. Those who received economic impact payments (EIP) last year will receive Letter 6475 this year. The IRS says the letter will help those who received stimulus payments to determine whether or not they are entitled to — and should — claim the recovery rebate credit on their taxes this year.
Notably, Letter 6475 only applies to the third round of stimulus payments — stimulus checks that were paid out last year starting in March and through to December. Both the third round of stimulus checks and the plus-up payments paid out in 2021 were considered advance payments of the 2021 recovery rebate credit that need to be claimed on a 2021 tax return.
Special attention needs to be paid to the plus-up payments specifically, as these were extra payments issued to people whom the IRS felt were not paid enough in the first rounds of the stimulus payments. These plus-up payments were a correction the IRS made for people whom they believed were owed a larger payment based on their 2020 or 2019 tax returns, or based on information provided from other government agencies such as the Social Security Administration.
The IRS says that most people who were owed a plus-up payment have already received it, but those who are still missing stimulus payments need to figure out whether or not they can claim the recovery rebate credit. This means if you feel you should have received a third stimulus payment (or plus-up payment) last year and did not, you could be eligible to receive the recovery rebate credit this year during tax time. These credits are also available to people who do not normally need to file a tax return, as they are part of the stimulus relief package.
Learn: Stimulus Update: IRS Announces All Third-Round Economic Impact Payments Have Been Sent
Explore: Should You Expect Any Additional Stimulus This Month?
Letter 6475 contains information that can help you claim this money. If you feel you should have gotten a third stimulus payment, or plus-up payment (or are generally just unsure if you were even owed one) be sure to be on the lookout for this letter in order to help you file and claim the benefit.
You can also click here for more information on the recovery rebate credit for 2021.
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