Trending...
- New Release: 'The Invisible Alternative' Unveiled by Atrisk Corporation, Resilient
- From Real Estate to Reel Power: H.L Woods Carves His Legacy as a Cutting-Edge Visionary Filmmaker
- SacraPod Suites Unveils AI-Powered 'Work + Rest' Smart Hospitality Model for Retrofitting Underused Motels Across the U.S
IRS to mail Letter 6419 in January 2022 to taxpayers who opted for advance payments; taxpayers should present letter to tax professional
APPLETON, Wis. - nvtip -- For 2021 only, there were significant changes made to the tax rules surrounding the child tax credit. For the first time, eligible taxpayers automatically received half of the credit in advance of filing their 2021 return through six monthly installments.
Taxpayers who received advance payments will receive Letter 6419 in the mail from the IRS in January 2022 and should bring this letter to their appointment with their tax professional when filing their 2021 return.
The letter will include the total amount of advance payments sent in 2021. Tax professionals may need to refer to this notice to claim the remaining child tax credit amount. This letter will be mailed to the address the IRS has on file as of the letter's mailing date.
Taxpayers who opted out of receiving the advance credit will not receive Letter 6419 from the IRS in January 2022 and do not need to bring anything additional to their annual tax prep appointment, with regard to the child tax credit.
When taxpayers file their 2021 returns, tax professionals must compare the total amount of the advance payments the taxpayer received in 2021 with the amount they are entitled. If the amount they are entitled to is more than the total amount received through the advance payments, the taxpayer can claim the remaining amount on their 2021 return.
More on nvtip.com
If the amount they are entitled to is less than the total amount in the advance payments received, tax practitioners will have to determine if the taxpayer is required to repay some or all of the excess payment.
The credit for children ages five and younger is up to $3,600, with a monthly advance payment of up to $300. The credit for children ages 6 to 17 is up to $3,000, with a monthly advance payment of up to $250. The funds are deposited directly into taxpayers' bank accounts or mailed via paper check. Taxpayers were, and are still, able to opt out of the advance payments using the IRS's online Child Tax Credit Update Portal.
Additional payments will be made Oct. 15, Nov. 15 and Dec. 15 for those who did not opt out of the advance payments
There are additional circumstances that could affect the taxpayer's child tax credit refund, including shared custody agreements and both parents opting out of the advance payments. The National Association of Tax Professionals urges taxpayers to use a qualified tax professional when filing their 2021 return to ensure the most accurate and timely results.
More on nvtip.com
###
About NATP: The National Association of Tax Professionals (NATP) is the largest association dedicated to equipping tax professionals with the resources, connections and education they need to provide the highest level of service to their clients. 23,000 members rely on NATP to deliver professional connections, content expertise and advocacy that provides them with the support they need to best serve their clients. The NATP headquarters is located in Appleton, WI. To learn more, visit www.natptax.com.
Looking for a tax expert? Rhonda Collins, EA, CPA, MBA, is the director of tax content and government relations at the National Association of Tax Professionals (NATP). Collins has a diverse background of over 25 years in the industry. As a licensed CPA and EA, Collins can represent clients before the IRS. She is available for phone or video interviews to discuss federal tax topics including tax law change and its implications, taxpayer issues, tax preparer regulation and more. To schedule an interview with Collins, contact nkasten@natptax.com.
Taxpayers who received advance payments will receive Letter 6419 in the mail from the IRS in January 2022 and should bring this letter to their appointment with their tax professional when filing their 2021 return.
The letter will include the total amount of advance payments sent in 2021. Tax professionals may need to refer to this notice to claim the remaining child tax credit amount. This letter will be mailed to the address the IRS has on file as of the letter's mailing date.
Taxpayers who opted out of receiving the advance credit will not receive Letter 6419 from the IRS in January 2022 and do not need to bring anything additional to their annual tax prep appointment, with regard to the child tax credit.
When taxpayers file their 2021 returns, tax professionals must compare the total amount of the advance payments the taxpayer received in 2021 with the amount they are entitled. If the amount they are entitled to is more than the total amount received through the advance payments, the taxpayer can claim the remaining amount on their 2021 return.
More on nvtip.com
- Colbert Packaging Announces WBENC Recognition
- DivX Empowers Media Enthusiasts with Free Expert Guides for Advanced MP4 Management
- Akon City Cancelled: Primal Mogul Confirms Senegal Scraps $6B Smart City Plan for $1.2B Resort
- Assent Expands Executive Team to Accelerate Global Growth & Innovation
- The World's Largest Green Economic Revolution Emerges as Nature, Tech, and Finance Converge
If the amount they are entitled to is less than the total amount in the advance payments received, tax practitioners will have to determine if the taxpayer is required to repay some or all of the excess payment.
The credit for children ages five and younger is up to $3,600, with a monthly advance payment of up to $300. The credit for children ages 6 to 17 is up to $3,000, with a monthly advance payment of up to $250. The funds are deposited directly into taxpayers' bank accounts or mailed via paper check. Taxpayers were, and are still, able to opt out of the advance payments using the IRS's online Child Tax Credit Update Portal.
Additional payments will be made Oct. 15, Nov. 15 and Dec. 15 for those who did not opt out of the advance payments
There are additional circumstances that could affect the taxpayer's child tax credit refund, including shared custody agreements and both parents opting out of the advance payments. The National Association of Tax Professionals urges taxpayers to use a qualified tax professional when filing their 2021 return to ensure the most accurate and timely results.
More on nvtip.com
- Vinnetwork Unveils Decentralized AI Platform with Vinnetwork(VIN) Token to Challenge Tech Giants' Data Monopoly
- Centennial Flyers to Become Colorado's First Launch Customer for All-Electric B23 Energic Aircraft
- Pyro Marketing Opens New Digital Marketing Company in Saint Petersburg to Power Growth for Fitness and Ecommerce Brands
- Dr. John Salerno of Salerno Wellness Introduces Their New Full Body Capsule for Advanced LED Light Therapy Patient Treatments
- $14M Expansion Deal with Famed David Lloyd Highlights Rebrand of Sports, Entertainment and Gaming Innovation by AI Driven, Online Fan Engagement Co
###
About NATP: The National Association of Tax Professionals (NATP) is the largest association dedicated to equipping tax professionals with the resources, connections and education they need to provide the highest level of service to their clients. 23,000 members rely on NATP to deliver professional connections, content expertise and advocacy that provides them with the support they need to best serve their clients. The NATP headquarters is located in Appleton, WI. To learn more, visit www.natptax.com.
Looking for a tax expert? Rhonda Collins, EA, CPA, MBA, is the director of tax content and government relations at the National Association of Tax Professionals (NATP). Collins has a diverse background of over 25 years in the industry. As a licensed CPA and EA, Collins can represent clients before the IRS. She is available for phone or video interviews to discuss federal tax topics including tax law change and its implications, taxpayer issues, tax preparer regulation and more. To schedule an interview with Collins, contact nkasten@natptax.com.
Source: National Association of Tax Professionals
Filed Under: Business
0 Comments
Latest on nvtip.com
- Melissa B. Releases Digitally Independent: Empowering Music Artists with AI and Brand Strategy
- Consumer Accountability Alliance Issues Formal Notice Alleging Proximate Liability for Medical Harm
- Utah Metal Fabricator Titan Forge Builds Momentum with Custom Steel Projects and Spiral Staircases
- Jason Koch: Pioneering the Future of Real Estate Development in New Jersey
- BOXABL Launches Search for New Directors and Executive Leadership
- Bach and Beyond: Cellists Return to the Beach for 2nd Annual Bethany Beach Cellofest
- Circus Circus Las Vegas Debuts Summer Pricing for Adventuredome, Carnival Midway
- NR7 Miner launches zero-cost USDT cloud mining service: daily stable income + referral rewards for double profit
- Deaths Spur Closures, but Troubled Teen Camps Must Be Banned, CCHR Warns
- Palmer Lake Wine Festival To Build Bridges in Small Mountain Community, Highlight Local Businesses
- SacraPod Suites Unveils AI-Powered 'Work + Rest' Smart Hospitality Model for Retrofitting Underused Motels Across the U.S
- From Real Estate to Reel Power: H.L Woods Carves His Legacy as a Cutting-Edge Visionary Filmmaker
- New Release: 'The Invisible Alternative' Unveiled by Atrisk Corporation, Resilient
- Cynthia Pinot Among Artists Selected for Renowned London Art Biennale 2025
- Real Estate Experts Highlight Jersey Shore as a Smart Buy in 2025
- Dr. Aubrey de Grey Brings Cutting-Edge Science to RAADfest 2025: LEV Foundation Partners with Coalition for Radical Life Extension
- $18 Price Target Issued in New Research Report After $34 Million Revenue Forecast from Acquisition; $101.5 Million Net Revenue in 2025; NAS DAQ: IQST
- West Dentistry Welcomes New Oral Surgeon to Enhance Patient Care
- The AML Shop Launches New Financial Investigations Unit, Appoints Director to Lead the Initiative
- Raidium révolutionne le diagnostic de la Sclérose en Plaques en partenariat avec l'Hôpital Fondation Adolphe de Rothschild