Don’t Delay, Your Share Of $1.5 Billion Is Gone Forever After THIS Date
(UnitedReader.com) – People who don’t have the resources will likely struggle to file their taxes. The Center on Budget and Policy Priorities (CBPP) estimates that 12 million Americans don’t file yearly tax returns. There are many reasons that people choose not to file. Individuals who make less than the standard deduction are not required to file taxes. However, without filing for taxes, individuals could miss out on funds that belong to them.
The Internal Revenue Service (IRS) announced that nearly $1.5 billion in tax refunds from 2018 were left unclaimed. Even If you did not have to file your 2018 taxes, you need to file your taxes to claim these funds. Unfortunately, the three-year window to file late taxes passed on April 18th (or April 19th for those who celebrate Patriots Day). However, individuals who filed an extension have until October 17th! Keep reading to learn more about claiming your share of nearly $1.5 billion (if you are still able to!).
Where is $1.5 Billion Coming From?
According to the IRS, approximately 1.5 million taxpayers did not file a 2018 tax return. Luckily, The IRS provides a three-year window for people to catch up on their taxes. That does mean that 2021 was the last year people could file their 2018 taxes. Even if you were not required to file, it is recommended that you do so, as you may be owed funds.
Even though the window ended, taxpayers still may be able to claim their share if they had filed for an extension on their 2022 tax refund. Those taxpayers have until October 17th, 2022. Once that timeframe passes, it will officially be too late to claim your refund, and the funds will revert to the government.
Who Doesn’t Have to File Their Taxes?
Individuals who make less than the standard deduction are not required to file taxes. For 2018, the standard deduction was:
- $12,000 for Single Filers
- $18,000 for Heads of Household
- $24,000 for Joint Filers
Taxpayers that made less than that amount weren’t required to file taxes. However, they could still be due a tax refund!
How to Get Your Tax Refund?
If you still have time to file, acting quickly is essential. You will need to file your taxes before the October deadline. You can either file your taxes on your own or seek help from tax professionals in person or online. The IRS even offers free tax return preparation support for qualifying taxpayers. Two programs they offer are Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE).
How Much Will You Get on Your Tax Return?
The exact amount you will get on your 2018 tax return varies. However, the IRS has released the following information if you have unclaimed tax refunds from 2018. The median value of the unclaimed tax refunds is $813. That means there is a 50/50 chance that you will either get more or less than $813.
Bottom Line
The IRS gave out a notice to individuals regarding their 2018 taxes. The statement said that individuals who didn’t file could miss their share of nearly $1.5 billion. The deadline to file their taxes to claim their tax refund was on April 18th for most states.
However, individuals that filed an extension on their taxes have until October 17th to file. That means the window to claim your refund isn’t closed for all taxpayers just yet! If you can still file your taxes for 2018, you will want to do it soon, as the deadline is rapidly approaching. If you need help filing your taxes, contact a tax professional. The IRS’s free tax preparation services, like VITA or TCE, may also benefit you.
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