SONDRA SAFER, CPA
Stimulus Payment (Economic Impact Payment (EIP)
The third round of EIP or stimulus payments began mid-March 2021. Individuals could have received up to $1,400 ($2,800 for married couples filing a joint return). Qualifying dependents may have also received
$1,400. Unlike the first two payments, EIP3 was not limited to children under 17. Families may have received the payment based on all of the qualifying dependents claimed on the tax return. Most families received $1,400 per person, meaning, a single person with no dependents may have received $1,400 while a family of four may have received $5,600. Notice 1444-C was sent following the payments and Letter 6475 will be issued in January 2022 with a combined total.
If you no longer have Notice 1444-C, or have not received Letter 6475, log in to your IRS Online Account to get the accurate amount of EIP3 received.
1. Go to irs.gov.
2. Select "View Your Account Information."
3. Select "Log in to your Online Account" and follow the prompts provided.
Advance Child Tax Credit Payments
Under ARPA, the maximum amount for the Child Tax Credit (CTC) was increased from $2,000 to $3,600 for each child 5 years old and under. For children ages 6 - 17, the maximum increased to $3,000. In July 2021, eligible families that did not opt out began receiving advanced CTC payments up to $300 per month for each child age 5 and under and up to $250 for each child between the age of 6 and 17. IRS will issue Letter 6419
to provide the amount received per taxpayer and how many children were taken into account to determine the amount received.
If you no longer have Letter 6419, or have not yet received it, follow the directions above to log in to your online account to access the Child Tax Credit Update Portal or log directly in to the portal using the instructions below. For married couples filing a joint return, the taxpayer and spouse will both need to log in to get the amount apportioned to each taxpayer.
1. Go to irs.gov.
2. Select "Child Tax Credit Update Portal."
3. Select "Manage Advance Payments" and follow the prompts provided.
Under the Affordable Care Act, the Federal government, State governments, insurers, employers, and
individuals shared the responsibility for health insurance coverage beginning in 2017.
The individual shared responsibility provision required you and each member of your family to either:
THIS PROVISION DOES NOT APPLY FOR 2021. THERE IS NO PENALTY FOR NOT HAVING HEALTH INSURANCE. HOWEVER, IF THE GOVERNMENT PAID PART OF YOUR PREMIUM IN 2021, YOU WILL RECEIVE A FORM 1095-A THAT MUST BE REPORTED ON YOUR 2021 RETURN.
WHAT INFORMATION REGARDING MY HEALTHCARE SHOULD I BRING TO MY TAX APPOINTMENT?
Bring the following documents, if applicable to you:
Form 1095-A: Provides information needed to report that you, your spouse, and individuals you claim as dependents had
qualifying health coverage (referred to as "minimum essential coverage") for some or all months during the year and received the premium tax credit. Form 1095-A: Provided by the Healthcare Marketplace
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Remember: The IRS doesn't initiate contact with taxpayers by email to request personal or financial information. This includes any type of electronic communication,
such as text messages and social media channels. The IRS does not call taxpayers with threats of lawsuits or arrests.
IDENTITY PROTECTION: PREVENTION, DETECTION AND VICTIM ASSISTANCE (Click Link)