As the April tax deadline approaches, The IRS announced it has $1.5 billion worth of unclaimed tax refunds for more than 1.5 million Americans who did not file their 2018 Form 1040 federal income tax return, with a median unclaimed refund amount of $813.
Here’s how to get your return and why it’s important to take these steps now.
When is the IRS Deadline to Claim a Tax Refund From 2018?
If you failed to file a federal income tax return, now is the time to act. For 2018 income tax refunds, you’ll need to file a return by Tax Day or April 18 this year. This deadline is almost here, and the IRS has already issued nearly 52 million refunds averaging $3,300 each. So if you’re expecting a refund this year, don’t wait to file your taxes.
“The IRS wants to help people who are due refunds but haven’t filed their 2018 tax returns yet,” said IRS Commissioner Chuck Rettig. “But people need to act quickly. By law, there’s only a three-year window to claim these refunds, which closes with this year’s April tax deadline. We want to help people get these refunds, but they need to file a 2018 tax return before this critical deadline.”
If you don’t file a tax return within three years, the money becomes the property of the U.S. Treasury. For 2018 tax returns, the window closes on April 18, 2022. If you live in Maine and Massachusetts, you have until April 19, 2022. The law requires taxpayers to properly address, mail, and confirm the tax return is postmarked by that date.
Make sure you’ve filed a tax return for 2019 and 2020 before seeking a 2018 tax refund. Otherwise, the IRS may withhold your check. Your refund will be applied to pay any past-due federal tax, state income tax, state unemployment compensation debts, child support, spousal support, and student loans.
Low and moderate income workers who fail to file a tax return may lose out on the Earned Income Tax Credit (EITC). For 2018, the credit was worth as much as $6,431. The EITC helps individuals and families whose incomes are below certain thresholds.
Does the IRS Have an Unclaimed Tax Refund For Me?
The best way to determine if the IRS is holding an old refund for you is to file a return for 2018. A tax expert can help you file your tax return and claim your refund.
Take Control of Your Taxes – Contact US Tax Shield Today
Although filing older tax returns may seem like an overwhelming task, as a leader in tax relief services, US Tax Shield can help you take control of your tax problems and resolve them once and for all so you can move forward with your life.
Our highly skilled tax professionals and attorneys specialize in various tax relief cases. Our priority is to get the IRS off your back, safeguard your assets, and save you money. Contact US Tax Shield at (877) 829-3535 to find out more information, and be sure to ask about our free tax consultation. We’re here to be your advocates, so contact us today to get started with your taxes.
