The IRS Issued Inaccurate Child Tax Credit Tax Forms

Ferrone & Associates CPAsBlog, Uncategorized

Approximately 36 million families received the advance Child Tax Credit (CTC) payments last year, the tax form documenting those payments could contain errors.

While the agency has yet to identify how many people were mailed inaccurate letters, the mistake is understood to be limited to a small subset of taxpayers who recently relocated or changed bank accounts in December.

The mistake is causing confusion and frustration for folks doing their taxes. Taxpayers have been told to keep an eye out for the IRS Letter 6419 and 6475, and now we’re discovering that a small number of them had an error
in the amount.

There is however away a way to rectify this if you take a look online.

If you find a mistake

If you suspect there is a discrepancy on your Letter 6419, access your account through the IRS CTC portal. The account will report the actual amount of advanced CTC that the family received.

If you use the amount reflected on your Letter 6419 without checking the accuracy, the IRS will likely make an automatic correction to the return if the amount is incorrect.

As we are in the midst of the beginning of tax season it is important to confirm the accuracy of your tax forms and ask your tax professional any questions you may have.