Irs Could Owe You Money From an Old Refund, but You Have Less Than a Week to Get It!
What if the government owed you a large sum of money, and all you had to do was file a claim to receive your money?
For those of you who are among the projected 1.5 million taxpayers who did not file a tax return in 2018, you could find yourself in exactly that situation—and you could lose your money for good if you don’t take action fast.
According to federal law, taxpayers who are owed a refund for a given year must file a claim for it within three years after the end of the year in question.
For 2018, that’s this year, which means that the deadline to claim your three-year-old refund is the same as the deadline to file your taxes this year: Monday, April 18 for the vast majority of people, according to the IRS.
Those living in Maine and Massachusetts will have an extra day off. You must file and postmark your 2018 tax return by April 15, 2019, unless you want the United States Treasury to keep your refund in perpetuity and spend it any way it sees fit.
Unclaimed tax refunds, believe it or not, are not unheard of in the United States. A recent Internal Revenue Service (IRS) update stated that the federal government presently has around $1.5 billion in unclaimed refunds from the tax season of 2018.
While refund amounts vary by state, the median amount received is $720 for taxpayers in South Carolina and moreover $900 for taxpayers in Alaska and Wyoming. The IRS estimates that the median unclaimed refund in the United States is approximately $813.
Please bear in mind that if you want to collect your 2018 refund, you will also be required to file returns for 2019 and 2020. Otherwise, the Internal Revenue Service (IRS) may keep your check until you do.
Aside from that, the Internal Revenue Service (IRS) may utilize your anticipated refund to settle any outstanding bills you may have, such as student loans, child support, or unpaid federal or state taxes.
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Although there are many genuine reasons why people fail to file their taxes on time, if you fall into the category of someone who became too busy or just forgot, there isn’t a compelling reason why you shouldn’t dig up your old W-2s and file for a refund right away.
For the 2018 tax year, tax forms and instructions are readily available on the internet. There is still time to file, but the clock is ticking!