It goes without saying that you should never just blindly chuck a letter from the IRS. But there are a few letters you may want to hold on to until you file your taxes. These apply to anyone who received advance CTC (Child Tax Credit) payments or a third stimulus check. If that’s you, here are the letters you’ll want to hold on to.

6419: for advance CTC payments

You may have received Letter 6419 back in December, or you may get it in January. Letter 6419 specifies the total amount you received for the Child Tax Credit, along with the number of qualifying children you have that were used to determine the payment amount.

If you received more or less than you were supposed to get, this letter will help you fix that when you file your tax return. If you were paid more than you were supposed to get, you may need to repay the extra money, whereas if you didn’t get enough, you can claim another credit when you file. You’ll also be able to claim the full CTC amount when you file if you qualified but never got any payments. 

If you get this letter, keep it with your tax records. You’ll need it when filing your tax return. Why? To be sure you get the full amount you qualify for with the Child Tax Credit.

6475: for economic impact payments

This letter will go out in late January to anyone who received the third stimulus, or economic impact, payment. If you got this payment, you may be able to claim the Recovery Rebate Credit when you file your taxes. This letter will tell you whether or not you qualify for that credit.

If you’re married, you and your partner should both get Letter 6475. If you’re planning to file jointly, make sure you combine the payment amounts from both your letters when you specify how much you received for your third economic impact payment (EPI3). For example, let’s say you and your spouse each received $1400. In that case, you’d want to write down $2800 on your joint return. Otherwise, the IRS may take the extra money out of your refund.

Most taxpayers received the third stimulus check in 2021, but if you only received part of it or never received any of it, you may be able to claim the amount you didn’t get as the Recovery Rebate Credit when you file your tax return. This will either reduce your taxes owed or add on to your refund amount.

If you get this letter, keep it in a safe place with your other tax records so you can use it when filing your tax return. It will tell you whether or not you can claim some of the Recovery Rebate Credit.

You can learn more about the third stimulus payment and whether or not you qualify here.

Be prepared

Saving these letters—6419 and 6475—may seem like a hassle now, but it will come in handy once tax season rolls around, believe us.