If you’ve moved in the past year or plan to change your address soon, you may need to add an additional item to your to-do list: Update your address with the IRS and the State Postal Service. -United. We’ll explain why forgetting to change your address can cost you thousands of dollars, and how to update your information.

There are many reasons why you shouldn’t wait to change your address, and it’s not just to receive mail at your new residence. The expanded child tax credit and stimulus check payments this year are two important reasons. Since not all post offices issue government checks, you’ll need to notify both the USPS and the IRS if you’ve moved.

You only have one week before the May 17 tax deadline to file your 2020 income tax return and to claim this IRS tax refund money from 2017 before it is gone forever. We can also tell you what we know of a fourth stimulus control, how to get a $ 50 discount on your internet bill and how to recover $ 16,000 in child care expenses. This story was recently updated.

Reason # 1: Child Tax Credit Payments Start In July

New child tax credit payments will start to go out those who are eligible in July and arrive every month until December (then again next spring) – calculate your payment here. If you haven’t set up direct deposit with the IRS, your payments will likely come in the form of paper checks.

However, if you’ve recently moved and haven’t updated your information with the IRS or USPS, chances are your check could end up at your old address, which could cause a delay in filing. ‘waiting for your check to be redirected. But you’ll soon be able to update any incorrect information when the IRS opens a portal designed specifically for the revised Child Tax Credit – it is expected to open by July.

Reason # 2: incentive payments – especially if you’re expecting an EIP check or card

Stimulation checks are still in progress new payments and increased payments, if the IRS owes you more than it has already paid. Also if you are missing stimulus money, the claims process is linked to your tax return. If you get a tax refund this year and don’t sign up for direct deposit, you’ll receive your funds as a paper check from the US Treasury. So you have to make sure that this does not correspond to an old address.

Also, whether or not you have a direct deposit account on file with the government, you may receive a stimulus check in the form of a paper check or EIP card. This IRS tracking tool can tell you how you will get your stimulus money. Once the IRS processes your payment, the final say on how you receive the money is with the IRS and the Treasury.

You’ll also want to make sure you get the IRS letter verifying when it sent your payment. This is important for anyone who may be eligible for a stimulus check, but who experiences an unexpected delay in receiving their money. This IRS notice will be your ticket to fixing any errors or submitting a claim for missing money during the 2021 tax season (filed in 2022), if it boils down to that.

Reason 3: Your tax refund, if it arrives by mail

Tax day is May 17, incoming. If you are waiting for your tax refund – and possibly missing stimulus money – to arrive by mail, make sure the information you enter when filing your tax return is correct.

New address information can be easy to ignore, especially if you are using tax software that stores your information for easier filing. If you’ve updated your address in the tax filing system, be sure to let the USPS know as well.

People who need more time can file a tax extension to October 15, which would also give you more time to file a change of address form if you are expecting a refund in the mail.

Reason # 4: Prepare for Next Year’s Tax Refund

If you’ve already filed your taxes this year and got your refund but have since moved, now is a good time to update your information in the system. This will save you a step next year and prevent any mistakes or delays on your next tax refund.

If you decide to unsubscribe from your child tax credit payments this year they will be tied to your tax refund in 2022. You don’t want to miss out on a potential payment of $ 3,600 per child. Add another maximum of $ 16,000 that you can eventually claim on your taxes next year for everything child care expenses you paid this year.

How to notify the IRS that you have moved

Once you’ve completed your change of address with USPS (see instructions below), it’s time to notify the IRS of your new address. Note that it may take four to six weeks for your change of address to be processed by the IRS. Here are your options.

Use your new address when you file your 2020 income tax return if you haven’t already. The IRS says it will update its records with your new address. If you usually don’t have to file your taxes and haven’t received your stimulus payment, you can still claim your payment as a recovery discount credit on your taxes this year.

If you’ve already filed your taxes and haven’t included your new address, you can notify the IRS of your change of address by filling out Form 8822.

Notify the IRS in writing “the address you last filed your return at” giving your full name, old and new addresses, social security number, tax identification number, or tax identification number. employer and your signature. The IRS says you can do this over the phone as well, but it may ask for additional information.

How to forward your mail to a new address via USPS

When you move, it’s important to forward your mail so you don’t miss any important documents, including a dunning check. Here’s how to do it.

1. Go to usps.com/move.

2. Fill out the form with your contact details, the date you want mail to start forwarding and details of your old and new addresses. Make sure everything is accurate and click following when you’re ready to move on.

3. Then you will need to provide a payment method. It costs $ 1.05 each time you forward your mailing address. Note that you cannot use a prepaid credit or debit card to do this. (Here’s some more information on the topic.)

4. Once you have paid, you will receive an email confirming that your change of address has been made.

5. At your new address, look for a USPS confirmation notification letter and welcome kit in the mail. USPS says it can take anywhere from three business days to two weeks before you start receiving your forwarded mail.

For more information, here is who qualifies for the new child tax credit. Also, here’s how you could get $ 10,200 tax relief from the IRS and what you need to know about the $ 300 weekly unemployment benefits.