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Tax season 2022: What to know about Child Credit and Stimulus Payments

But others may urge profilers to use the amounts shown on their records, if they have documents – like bank statements – to prove they are correct. However, it could cause the IRS to flag the return for review, delaying the entire return — not just the amount tied to the child tax credit, said taxpayer advocate Erin M. Collins national tax said. Ms. Collins heads the Taxpayer Advocacy Service, an independent agency that represents taxpayers in the IRS

One option might be to file a tax return using IRS numbers, then file a revised return later with the amount shown on file by the filer. The final depositor will receive the exact amount from the credit, without delaying their full refund.

But Eric Smith, an IRS spokesman, advises against doing it that way because the agency already has a large amount of revised tax returns to process, and the wait can be long when filers are filed. filings begin filing tax returns for 2021. “Revised returns take a long time, even under the best of circumstances,” he said.

Evenstad said applicants who want to receive at least part of their refund can choose to file with an IRS number and then ask the agency to track the payments in question so they can get the money after the difference is verified.

“They should definitely talk to their accountant,” Ms. Collins said, noting that her office does not offer tax advice. Since there is still time before a tax return, she said, taxpayers can try to contact the IRS To fix any difference. However, be aware that wait times for support can be lengthy. “It won’t be a quick fix,” she said.

If you received prepayments but did not receive an IRS letter, you can go to the updated IRS child tax credit website and create an account to check your information online. (You’ll need to verify your identity, using an ID like a driver’s license or passport, and you’ll need a way to take a picture of yourself and upload it.)

Total credit amounts vary from family to family, and are based on your child’s age as well as your income and filing status. Families with children 5 years of age and younger are eligible for credits of up to $3,600 per child, with up to $300 monthly in advance; those with children ages 6 to 17 are eligible for up to $3,000, $250 a month in advance. Families are eligible for the full amount if they earn less than $150,000 and are married filing a joint return. Single applicants earning less than $75,000 are also eligible to receive the full amount, as are those claiming head of household earning less than $112,500.

https://www.nytimes.com/2022/01/07/your-money/taxes-irs.html Tax season 2022: What to know about Child Credit and Stimulus Payments

Fry Electronics Team

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