If you’re great about tossing junk mail, bravo, but there’s one letter with your name on it that you definitely don’t want to trash. The IRS sent out child tax credit letters that specify the amount you received from the government this year, and this is important information you’ll need when it’s time to do your taxes (which is sooner than you think!).
The enhanced child tax credit payments you received are detailed in Letter 6419 which the IRS has mailed out and states how much you received in monthly child tax credit payments from July through December. It also shows the number of children the agency used to calculate your credit.
The amount here will likely show half the amount you’re entitled to — you can claim the other half on your 2021 taxes. The total child tax credit was increased to a maximum of $3600 per child up to age 6 and $3000 for each child ages 6 through 17 as part of the American Rescue Plan Act. Starting last March, parents received $250-300 a month depending on their child’s age. This was the first time the tax credit was given on a monthly basis.
The amount you received will need to be reconciled with your 2021 earnings, thus the importance of keeping that letter. The full credit is available for heads of households earning up to $112,500 a year and joint filers making up to $150,000. Each spouse in a married couple will receive a letter but do not double count the tax credit because of this.
If you find an incorrect amount on your letter, log on to your online IRS tax account, as phone lines are likely to have long waits. Also, be sure to fill out your taxes correctly or have them prepared by a professional to avoid errors that could delay your credit payments.