If you haven’t filed for a tax refund, you might be missing out on hundreds or even thousands of dollars. The IRS holds over 1 billion dollars worth of unclaimed tax refunds, which many Americans have failed to collect since 2018. In this article, we’re going to explain tax refunds and how to claim your recent and unclaimed tax refund.
What Are Tax Refunds
Task refunds or tax rebates are payments made by the government to taxpayers when they pay more tax than required.
According to recent filings from the IRS, over 1.5 million Americans are owed unclaimed tax refunds from 2018, and these money are worth 1.5 billion dollars.
Most taxpayers miss out on getting tax refunds because they fail to file for a refund before the 3-year deadline set by the government. Many Americans are not even aware of the task refunds they are owed.
How To Claim Your Unclaimed Tax Refunds From The IRS
Every year, millions of Americans get tax refunds from the IRS. As of March 25th, 2022, the IRS issued almost 58 million refunds.
You can find out if the IRS owes you money by filing a tax return for the year.
To claim a tax refund, the IRS recommends that taxpayers file their tax refunds electronically and provide their bank account details for remittance. On average, it takes about 21 days to get your money, but refunds can take from 6 to 8 weeks if you decide to file a paper tax return.
With an average tax refund payment of $ 2,323, the IRS says it issues more than 90 percent of its tax refunds within three weeks. But payments may take longer due to some factors, such as:
- Your filing status
- Refund errors due to identity theft or fraud
- Incorrect banking information
- You may owe money to the IRS
You will be given an estimated date when the money will be available in your account after approval. But if you didn’t get receive your money on the expected date, you can contact the IRS or your bank to confirm the transaction.
Regardless, the simplest way to file for unclaimed tax refund is to call the IRS at 800-829-1954 (toll-free) and use the automated system or speak with a representative. Remember, to claim your refund, you have to file it with the IRS
When Is The Deadline To Claim Your Tax Refund
According to the IRS, the deadline for filing your tax refunds is April 18th for the majority of taxpayers. However, some taxpayers can request an extension.
The IRS will hold your unclaimed taxes for up to three years. But if you don’t claim it within three years, you’ll lose that money as it automatically becomes property of the US treasury.
The American government may owe you some money in the form of tax refunds. If you’re eligible, then file for a refund to claim your money. But you have only three years to claim your tax refund before it becomes the permanent property of the United States treasury. Many Americans need extra money to survive and claiming tax refunds might help them out.