THE IRS is seeking to return more than $1.5 billion in unclaimed tax refunds to taxpayers who did not file a 2018 federal return.
Eligible Americans, however, have been warned by the IRS to act quickly as they risk missing the crucial April 18 tax deadline.
About 1.5 million taxpayers who meet the specific requirements will have cash available, the IRS reported Friday.
“The IRS wants to help people who are due refunds but haven’t filed their 2018 returns,” Commissioner Chuck Rettig said.
“But people have to act quickly. Under the law, there is only a three-year window to claim these refunds, which ends with this year’s April tax deadline.
“We want to help people get those refunds, but they need to file a 2018 tax return before this critical deadline.”
The IRS believes the average person who would qualify for the late refund can make about $813.
However, the amount of money can vary across state lines. In Oregon, the average refund is $715, while in Alaska, the refund could be as high as $969.
A complete state-by-state table is available on the IRS website.
Meanwhile, Americans have also been warned not to miss important child tax credit (CTC) payments.
The IRS wants to make sure that families who qualified for expanded federal CTC — and didn’t receive payments under America’s bailout plan — can claim the full amount when filing their taxes this year.
For parents with children under the age of six, the total is $3,600, while families with children between the ages of six and 17 receive $3,000.
Those who received child tax credits should have received a letter from the IRS detailing how much they received in advance payments.
You should complete Schedule 8812 (Form 1040) if you believe you are entitled to the tax credit and did not receive one in 2021.
To qualify for the 2021 maximum CTC, couples must earn less than $150,000 and single parents applying to be heads of household must earn less than $112,500.
A similar request also applies to Americans who are claiming missed stimulus checks worth up to $1,400 per adult.
The credit can be claimed by changing your filing status and moving kids around thanks to a tax loophole.
This is because those who received child tax credits should have received a letter from the IRS detailing how much they received in upfront payments.
If you are not comfortable filing your own taxes, you should consult a tax professional.
The Sun has issued a guide to the 2022 federal tax return – which has changed this year due to public holidays.
We have also explained everything you need to know about the child tax credit for 2021.
We also check how to file your taxes correctly.
https://www.the-sun.com/money/4982312/irs-unclaimed-tax-refunds-how-claim/ 1.5 million may be due on an unclaimed tax refund – how to make a claim before the deadline