Unclaimed Tax Returns Total $1.5 Billion. You Have One Week to Claim It!
The Internal Revenue Service is sitting on a large sum of money, and it’s possible that some of it belong to you.
If you are one of the nearly 1.5 million people who failed to file a tax return in 2018, you may be due a refund; however, the deadline to claim your refund is approaching.
Who is Eligible to Receive a Refund in 2018?
If you filed your 2018 taxes in 2019 and received a refund, you are ineligible for this program. This money is for those who, for whatever reason, did not submit a tax return in 2019 and are owed a refund.
Keep in mind that just because you did not submit a tax return in 2019 does not automatically entitle you to a refund. It’s possible that you still owe the IRS money; it all depends on your own tax position.
Furthermore, there will very certainly be penalties connected with filing late that will eat up a portion of your refund.
What will the amount of my refund be?
According to a recent statement, the Internal Revenue Service is hanging on to about $1.5 billion in unclaimed 2018 tax refunds for safekeeping. The average refund owed is approximately $813, however, yours may be lower or more depending on your circumstances.
Please file in 2019 or 2020 if you did not do so in previous years, as well, just to ensure that the IRS does not add the penalties to your 2018 return.
If you owe money to the government for back taxes, unpaid student loans, or past-due child support, the agency can deduct that amount from your refund as well.
All taxpayers receive a different amount of refund, which is determined by their income, tax credits, deductions, and IRA or 401(k) contributions, among other factors.
Alternatively, if you didn’t pay enough taxes throughout the year, whether through employer withholding or self-paid quarterly taxes for the self-employed, you may find yourself owing the IRS rather than the other way around.
Unfortunately, there is no foolproof way to predict whether you will receive a refund or whether you will owe the IRS in advance.
What is the best way to file my 2018 taxes?
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There are a variety of options available for filing your taxes these days, in addition to mailing a paper return. The Internal Revenue Service (IRS) prefers electronic filing, which is available through do-it-yourself services such as TurboTax and H&R Block.
You can file your tax return for free on the IRS website if you are a low-income taxpayer or if your return is straightforward.
To complete the process, you only need to locate your 2018 W2 forms as well as any other tax documents related to them, such as 1099s that show additional income or 1098s that show interest and tax paid to other entities throughout the year.
More difficult returns should be discussed with a CPA or other tax professional to ensure that all of the necessary boxes are checked.