IRS Letter 6550: What is it and how you can claim credits for which you’re eligible
Expanded tax credits were big news last year, but not everyone has claimed their money. To alert those who still may qualify for credits such as the Child Tax Credit, the Recovery Rebate Credit, and Earned Income Credit, the IRS sent Letter 6550 to millions of Americans this week.
With inflation burdens troubling many Americans, the potential for additional money may help struggling individuals and families. Read on for more about this letter including how H&R Block can help you claim any credits for which you are eligible.
What is IRS Letter 6550?
IRS Letter 6550 is a notification from the IRS to alert taxpayers that there is more time to claim these credits. If you received one of these letters, you may be eligible for one or more of the credits mentioned.
How much money could I receive?
The total refund that you could receive will depend on your personal situation. Here’s a quick overview of the credits potentially available to you.
|Child Tax Credit||Recovery Rebate Credit||Earned Income Credit|
|Eligibility||Amounts will vary depending on the age of your children and your income level.||U.S. citizens or resident aliens with a valid Social Security number may qualify||Based on your wages and any income from self-employment.|
|How much you could receive||Worth up to: |
– $3,600 for each qualifying child ages 5 and under
– $3,000 for each qualifying child ages 6 through 17
– You may have received up to half of this amount through payments in 2021.
|Worth up to: |
– $1,400 per eligible adult plus
– $1,400 per qualifying adult or child dependent
|Worth up to: |
– $1,502 with no children
– $3,618 with 1 child
– $5,980 with 2 children
– $6,728 with 3+ children
On top of the three credits mentioned above, filing a return may also allow you to claim additional tax benefits such as the Child and Dependent Care Credit or deduction for gifts to charity.
Claiming the credits mentioned in IRS Letter 6550 – How H&R Block can help
You must file a tax return to receive the credit – and you need to do it quickly. The extended timeframe to file a return electronically and claim these credits goes until Nov. 17, 2022.
Need help filing a return? You can file a return to claim the credits in a few different ways. Whether you choose to file taxes online or file with an H&R Block tax pro, we have the expertise to determine the credits for which you are eligible and e-file your return.
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