According to the IRS, more than 1 million Americans have tax refunds from 2018 that have yet to be claimed. Learn how to obtain them and why you should do so right away.
If you're one of the projected 1.5 million taxpayers who didn't file a tax return in 2018, you may be in that situation-and if you don't act quickly, you could lose your money completely.
There's just a three-year window to seek these returns under the law, which ends with the April tax deadline this year. We wish to assist folks in receiving these refunds, but they must file a 2018 tax return by the deadline.
Unclaimed income tax refunds must be held by the IRS for three years. If you do not file for a tax refund within three years, the money becomes the property of U.S. Treasury, and you will not be able to recover it. If you wish to get a refund for 2018, keep in mind that you'll need to file returns for 2019 and 2020 as well. If you don't, the IRS may keep your check until you do.
Tax software does the calculations, flags common errors, and minimises tax return inconsistencies by prompting taxpayers for missing details, according to the IRS. Filing online and using direct deposit is the quickest way to receive a refund.
Previous-year tax returns cannot be filed electronically, so make sure your form is postmarked by April 18 and sent to the appropriate IRS regional office.
In addition, if you owe money to the IRS for a variety of reasons-student loans, child support, unpaid federal or state taxes, for example-the IRS may be able to use your anticipated refund to pay off those debts.
As for 2018 tax refunds, you must file a return by Tax Day, which falls on April 18 this year. Due to the local observance of Patriots' Day on April 18, taxpayers in Maine and Massachusetts get an extra day to do this this year, until April 19.
However, there are a variety of legitimate reasons why people fail to file their taxes, and if you're one of those people who got too busy or just missed it, there's no reason why you can't dig up your old W-2s and claim your money right now. The 2018 tax forms and instructions are readily available on the internet. There's still time to file, but the clock is ticking!
