For individuals who have not filed tax rebates, the Internal Revenue Service (IRS) holds onto a sizable amount of unclaimed refunds each year.
The time to request a refund for the 2019 federal returns is quickly approaching; beyond that, the money will be forfeited to the US Treasury.
A Guide for Recovering Your Tax Rebates
It’s crucial to comprehend how to claim your tax refund from prior years and look into the Recovery Rebate Credit, especially for individuals who received stimulus cheques, to prevent losing money.
You still have time to file your tax returns for the years 2019, 2020, or 2021 if you owe a refund and haven’t already done so.
Taxpayers are given up to three years by the IRS to file their returns and obtain any overdue refunds without incurring any late filing fees.
To prevent losing the money you are entitled, you must take action right now. The deadline to request a refund for the 2019 tax return is July 17, 2023.
The unclaimed refunds will be given to the US Treasury after this time. You can no longer electronically file your 2020 tax return, but you still have until April 15, 2024, to mail your paperwork and get your refund.
Changes in income, revised tax credits, new tax legislation, or tax reforms are just a few of the variables that can result in a reduced tax refund.
Read more: San Francisco’s Craft Beer Pioneer Offers Employee Buyout
Adjusting Income Tax Withholding
If your income situation changes throughout the year, be careful to modify your income tax withholding and use the W-4 tools.
Each year, unclaimed IRS income tax refunds can reach billions of dollars. You can still be qualified for a tax refund or the refundable Earned Income Tax Credit (EITC) even if you think your income was too low to file a tax return.
Don’t let your hard-earned money go unclaimed; file your prior federal and state tax returns as soon as possible.
Read more: Elon Musk’s ‘X’ Takes Over Twitter Logo