The IRS Has Unclaimed Tax Returns Totaling $1.5 Billion. There Is Less Than a Week Left to Claim Yours

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The Internal Revenue Service has a large sum of money, and some of it may be yours. If you were one of the nearly 1.5 million people who failed to file a tax return in 2018, you may be due a refund, but the deadline to claim it is approaching.

 

IRS

 

If a taxpayer is owed a refund, he or she must file a claim within three years of the year the taxes were filed. If you were due a refund for your 2018 taxes in 2019, the window to claim it is closing fast—April 18th, tax day, is the last day to file your 2018 taxes and receive your refund. If you don’t, the US Treasury will claim your money and you’ll have to say goodbye to it forever.

 

Who is eligible for a refund in 2018?

You are not eligible if you filed your 2018 taxes in 2019 and received a refund. This money is for people who did not file a tax return in 2019 for whatever reason and are due a refund. Remember that simply because you did not file in 2019 does not entitle you to a refund. You may still owe the IRS money, depending on your specific tax situation. In addition, there will almost certainly be penalties for late filing, which will eat into some of your refund.

What will the amount of my refund be?

According to a recent update, the IRS has nearly $1.5 billion in unclaimed 2018 tax refunds. The average refund is around $813, but yours may be less or more. If you did not file in 2019 or 2020, you should do so now so that the IRS does not tack those penalties onto your 2018 refund. Similarly, if you owe the government money for back taxes, delinquent student loans, or unpaid child support, the government can deduct it from your refund.

The amount of your refund varies depending on your income, tax credits, deductions, and IRA or 401(k) contributions. If you did not pay enough taxes throughout the year, either through employer withholding or self-paid quarterly taxes for the self-employed, you may owe the IRS instead of receiving a refund, and unfortunately, there is no foolproof way to predict whether you will receive a refund or a tax bill.

How Do I File My Taxes for 2018?

Aside from mailing a paper return, there are several ways to file your taxes these days. The IRS prefers e-filing, which is available through self-help services such as TurboTax and H&R Block. Some low-income filers and those with simple tax returns can file for free on the IRS website.

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All you need to do is gather your 2018 W2 forms and any other related tax documents, such as 1099s for additional income or 1098s for interest and tax paid to other entities throughout the year. For more complicated returns, you should definitely consult with a CPA or other tax professional to ensure that you have checked all the boxes!

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