Optima Tax Relief Reviews why Taxpayers need to keep their Economic Impact Payment Notice with other Tax Records

Taxpayers who received an Economic Impact Payment this year should keep Notice 1444, Your Economic Impact Payment, with their tax records. This notice provides information about the amount of money that was provided to an individual, how the payment was made and how to report any payment that wasn’t received.

Optima Tax Relief reviews additional information taxpayers should know about their Notice 1444.

For security reasons, the IRS will send this notice to each of the recipient’s last known address within 15 days after the payment is distributed. Notice 1444 is especially important to keep with your tax documents if you do not believe that you received the full amount from your Economic Impact Payment. When filing your 2020 tax return, you can refer to your notice to claim additional credits if you are eligible for them.

Taxpayers are recommended to keep their notice filed with all their other important tax records until ready to file their tax return. These important documents include W-2s from employers, 1099s from banks and other payers, other income documents and virtual currency transaction records.

It is advised that all taxpayers keep a copy of their tax records and past tax returns for at least three years in order to ensure that if the IRS has any additional questions regarding your taxes, you have substation to provide over to them. In addition, key information from your prior year return may be required to file the following year. Life changes such as employment or marital status and financial gains or losses can affect a tax refund or the amount of taxes a person may owe.

The IRS strongly advises that taxpayers start collecting their tax records right away to ensure that the filing process goes smoothly and to avoid making any errors that could delay the processing of a tax return or refund.