Taxpayers that received the
Child Tax Credit will need to reconcile the amounts received with the amount due. An IRS letter will be sent out (January 2022) with the total received.
Economic Impact Payments will once again need to be reported. This time for the 3rd payment received sometime in March 2021. An IRS letter (early 2022) will be sent out with the amount received.
We recommend you keep track of these payments yourself. A lot of taxpayers did not receive all the IRS letters for the previous year and the IRS will match up the amount reported with amounts they sent. Differences will cause delays in the processing of returns and refunds and/or balances due.