(RightWing.org) – The IRS says it has unclaimed tax refunds worth well over a billion dollars – and the deadline to claim them is approaching fast. With the cost of living going through the roof, many Americans are wondering where the money to pay the bills is going to come from. Now, the IRS is urging people who might be due a refund to act quickly and improve their cash flow.
— CBS MoneyWatch (@CBSMoneyWatch) March 30, 2022
On March 25, IRS Commissioner Chuck Rettig announced that his agency is holding almost $1.5 billion in unclaimed refunds. Around 1.5 million taxpayers are eligible for a refund but haven’t claimed it yet, and the median amount is $813. Rettig says those affected are all people who haven’t submitted their tax return for 2018 yet. Federal law grants a three-year window to claim a refund, and for the 2018 tax year that window closes on April 18 – just two weeks away. Any money that hasn’t been claimed by then becomes the property of the US Treasury.
If you haven’t filed a tax return for 2018 yet, it’s important to do it immediately. The law says returns must be mailed with a postmark no later than April 18 (April 19 in Maine and Massachusetts) to be eligible for refunds – and many people could also qualify for Earned Income Tax Credits worth up to $6,431. Instructions on how to complete the paperwork are available on the IRS website.
Copyright 2022, RightWing.org