The Internal Revenue Service (IRS) announced on March 25th, 2022 that there is currently nearly $1.5 Billion in unclaimed funds owed to about 1.5 Million Americans. This begs but the questions, who is currently owed and how do they recoup the money that is rightfully theirs?
First off, this nearly $1.5 Billion in unclaimed funds is owed to tax payers who have yet to file their 2018 tax returns. By law, you only have three years to claim your refunds for a specific tax year putting us almost at the end of the allowable period for 2018.
Now, the bad news. Since we are almost three years post 2018, you had until April 18, 2022 (or October 17th if you received an extension on your 2018 return) to claim this refund or it could be gone for good. You may have a little more time depending on the state where you reside, however time is ticking and not in your favor.
Though there are many who legally don’t have to file a tax return, there is another percentage of the population who struggle to file a tax return or are simply afraid due to the fact they may owe something. The down side of failing to file is that it can cause you to miss out on much of the financial support you need or are eligible to receive via stimulus support or other tax credits that would ultimately allow you to receive a bigger tax refund!
To help those who struggle to file a tax return, there are programs available provided by the IRS such as the Volunteer Income Tax Assistance program (VITA), and Tax Counselling for the Elderly program (TCE) that are actually free of charge. These are aimed to provide additional support to specific segments of the population so they can get the help they need.
If you haven’t claimed your 2018 tax refund and you’ve received an extension on your 2018 tax filing, you want to get that filed quickly before the October 17th deadline. Don’t forget, filing your 2018 tax return alone may not be enough. If you have not submitted your 2019 and 2020 tax returns as well, your 2018 refund could be withheld in the meantime. So make sure to get all your financials up to date to maximize what you can receive.
Again, you have just days remaining to get your share of the outstanding $1.5 Billion dollars owed to Americans across the country if you are eligible. Make sure to not miss out on what you are owed.