If you have young kids, be on the lookout for a letter from the IRS
Here's a heads-up for parents about a letter they may be receiving from the IRS.
Letter 6419 should not be ignored or thrown away. It's about the advance child tax credit.
The letter shows what advance payments you got in 2021 and the number of children used to determine the payments.
The IRS is sending information letters to the 36 million families who received advance child tax credit payments last year.
You'll need that letter when you file your taxes for the tax year 2021.
Treat it like any important tax form, such as a W-2 or 1099.
In normal years, the child tax credit is calculated when you file your federal tax return. But there were three important child tax credit changes in 2021 as part of the American Rescue Plan Act.
Letter 6419 will be arriving in mailboxes through the end of January.
This letter could mean the government owes you more money, or you may need to return money to the government.
