(PresidentialHill.com)- To avoid potential penalties, Americans must verify that their 2021 tax return has been submitted or that an extension has been sought by April 18.
It’s also the final day for Americans to claim tax refunds from the previous year.
The Internal Revenue Service has announced that it had around 1.5 billion dollars in unclaimed tax refunds from 1.5 million Americans who haven’t filed.
The IRS can keep unpaid taxes for three years, so the deadline to collect money from four years ago is Monday, April 18.
Previous-year tax returns cannot be submitted electronically, so make sure to mail them to the appropriate IRS regional office and postmark them by April 18.
Due to the local commemoration of Patriots’ Day on April 18, taxpayers in Maine and Massachusetts get an extra day to do this year until April 19.
If you do not claim your tax refund, the money will be sent to the Treasury Department. The unclaimed money will be applied to any amounts still owed to the IRS or a state tax agency.
It can also be used to pay off past-due government bills like student loans or delinquent child support.
According to the IRS, about $1.5 billion in unclaimed income tax refunds might be waiting for more than 1.5 million individuals who haven’t submitted their 2018 federal tax returns.
In a recent statement, IRS Commissioner Chuck Rettig said that law states there’s just a three-year window to seek these refunds. You’ll be penalized if you don’t submit your 2018 Form 1040 federal income tax return by April 18, 2022. You have until April 19, 2022, if you live in Maine or Massachusetts.
You might be leaving hundreds of dollars on the table if you don’t file on time. According to the IRS, the average unclaimed refund for 2018 is $813.
There are many legitimate reasons why people forget to file their taxes, and if you’re one of them who became too busy or just forgot, there’s no reason you can’t dig out your old W-2s and claim your money right now. The 2018 tax forms and instructions are readily available on the internet. There’s still time to file, but time is running out.