Advanced Child Tax Credit & Third Round Stimulus Payments

Advance Child Tax Credit

If you received Advanced Child Tax Credit Payments, your tax preparer will need to complete Schedule 8812 in your personal tax to reconcile the payment you received which were an advance on your Child Tax Credit for your 2021 return.

Who is Eligible?

To review if you were eligible, use this link>>IRS Advanced Child Tax Credit

To prepare your return your tax preparer will need to know the amount of the Advanced Child Tax Credit payments you received for 2021.  Many people received payments for part of 2021 (many received 6 months of payments).  There are 3 ways to verify the amount you received:

1. Review your bank account information (you may want to do this regardless to verify the amounts).
2. Get your advance payments total and number of qualifying children at your online account portal at >>>>IRS Online .
3. Provide the IRS Letter 6419 you should have received showing the amount of advanced payments received. However, we have heard that some of the amounts on this letter are incorrect, so you should verify the amount using either #1 or #2 if you are unsure that it is correct.

You should let your tax return preparer know if you did not receive any advanced payments, but believe you qualify for the Advanced Child Tax Credit.

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2021 Economic Stimulus Payments

Many taxpayers received the third round of economic stimulus payments.  These amounts will need to be reconciled and input into your 2021 personal income tax returns.  This payments would normally have been received in March or April of 2021.  If you did not receive the payment, but you qualified (see below) you will get the stimulus payment as a credit/rebate on your 2021 tax return.

This would not include the second round of stimulus payments that were enacted in December 2020, but the payments were received early in 2021 (normally in January or early February).

Who Qualified?

Review whether you would qualify for the third economic stimulus payment using this link >>IRS Third Economic Payment

To prepare you return your tax preparer will need to know the amount of the third-round Economic Stimulus Payments received during 2021.  There are 3 ways to verify the amount you received:

1. Review your bank account information (you may want to do this regardless to verify the amounts).
2. Get your advance payments total and number of qualifying children at your online account portal at >>>>IRS Online .
3. Provide the IRS Notice 1444-C the IRS mailed after sending your payment. In addition, the IRS Letter 6475 you should receive shows the amount of the third round of economic stimulus payment received.  Unfortunately, the IRS website state the IRS Letter 6475 are being sent through March of 2022.  So it’s possible you may not have yet received that letter and may want to use another method of verification.

You should let your tax return preparer know if you believe you did not receive a third round economic stimulus payment.