Keep This in Mind if You Received the Third Round of Stimulus Payments or Advance Child Tax Credit Payments

Photo of couple reading a letter.

If you received the third round of stimulus payments or advance child tax credit payments, you should keep an eye out for a letter from the IRS you should receive soon. Keep reading to learn more. 

What You Need to Know 

Stimulus payments and advance child tax credit payments were two measures designed to offer financial help to Americans affected by the COVID-19 pandemic.

American citizens and U.S. resident aliens received payments of $1,200 if they met the following conditions:

  • They were not claimed as dependents of another taxpayer.
  • They have a Social Security number valid for employment.
  • Their adjusted gross income did not exceed the following thresholds: $150,000 if married filing a joint return, 112,500 if filing as head of household, $75,000 for eligible individuals with any other filing status.

Advance child tax credit payments, on the other hand, were monthly payments parents received starting July 15 through December 15, 2021. Parents were issued monthly payments of $250 or $300 per child, depending on the age of the children. 

Now, if you received any of these payments, you will soon get a letter from the IRS outlining details you’ll need to file your tax return more easily next year. 

The IRS said on Thursday that it will begin issuing letters in December for taxpayers who received advance child tax credit payments.

The letters for people who received the third round of economic impact payments will go out at the end of January.

When you receive these letters, make sure to hold on to them and place them in a safe place with any other supporting documents you may need to file your return. Remember: keeping good records takes a lot of the stress out of tax filing!

Need Help With Your Taxes? Contact the Experts at JT Tax Services

Do you need assistance with personal or business taxes?  JT Tax Services is here to help! We give you the peace of mind that comes with knowing that you are limiting your liability while staying compliant with all regulations.

We are located in Oxnard, California. Contact us today by email (info@jttaxservices.com), telephone (805-984-8890), or through our social media accounts on Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our services.