Were you eligible for a stimulus payment and/or the Advanced Child Tax Credit in 2021? If so, here is a huge tip you will thank yourself for when you file your 2021 tax return. Set up an account with IRS.gov. Here are the details you need to know to get it set up now so that you can retrieve the totals you need at tax time.
First, WHO?
If you received a stimulus payment this year, you should set up your account. Also, if you were eligible for the Advanced Child Tax Credit, you should set up the account. Whether you received the Advanced Child Tax Credit or opted out up front or later on, you should still set up the account.
WHY?
This information must be reported on your tax return, and it is not something your accountant can log in and retrieve on your behalf due to identity verification. However, when you establish your account, you will have easy access to the exact numbers you need to prepare your tax return.
WHAT is it?
The IRS.gov portal was established to help taxpayers track and report exactly what they received. It allows you to see your record of stimulus payments as well as Advanced Child Tax Credit monies that have been paid to you.
What your tax preparer will need from you is the exact amount of stimulus as well as child tax credits you received during 2021 in order to file your 2021 return.
HOW?
It’s actually really easy! Here are the steps to follow below. And, we are here to help! If you need any assistance, call us at (614) 456-7222, and we’ll happily step you through it over the phone.
Step 1:
Create your account at irs.gov.
Step 2:
You’ll need some information to register.
Step 3:
You need to have a financial account handy to register.
Step 4:
You’ll need to provide a phone number or verified address.
Step 5:
Last step! A verification code will be sent to your email that you will need in order to log in.
I’m logged in- now what?
Perfect! The easiest thing to do is to grab a screen shot of the totals for your stimulus payments and Advanced Child Tax Credits. Or, you can record the totals any way that is convenient for you and provide them to your preparer at time. That’s it!
