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Deadline is approaching for unclaimed money

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What if the government owed you a large amount of money and all you had to do was collect it?

If you’re among the estimated 1.5 million taxpayers who never filed a tax return in 2018, you could be in this exact situation — and you could lose your money forever if you don’t act quickly.

Federal law requires taxpayers who owe a refund during a given year to claim it within three years. For 2018, that is this year, meaning the deadline to claim your three-year refund is the same deadline as you used to file your taxes that year: Monday, April 18 for most people. (Residents of Maine and Massachusetts get an extra day.) Unless you want the U.S. Treasury to permanently receive your refund — and presumably spend it on whatever it wants — you must file a 2018 tax return by that date and stamp.

Believe it or not, unclaimed tax refunds are not uncommon. According to a recent update from the Internal Revenue Service (IRS), the federal government is currently sits at about $1.5 billion Value of unclaimed refunds from 2018. The median size of these refunds varies by state, ranging from $720 for South Carolina taxpayers to over $900 for Alaskan and Wyoming taxpayers. Nationally, the IRS estimates that the average unclaimed refund is approximately $813.

If you want to claim your refund for 2018, remember that you should submit a statement for 2019 and 2020 as well. Otherwise, the IRS could withhold your check until you do so. If you owe money for a variety of reasons — student loans, child support, unpaid federal or state taxes — the IRS could use your possible refund to pay off that debt.

However, there are many legitimate reasons why people miss their tax returns and if you fall for them Category of people who have been too busy or just forgot, there’s no good reason why you can’t dig up your old W-2s and claim your cash now. Tax forms and instructions for 2018 are readily available on-line. There is still time to submit, but time is running out!

https://www.fastcompany.com/90739988/the-irs-could-owe-you-an-old-refund-but-you-have-less-than-a-week-to-claim-it?partner=feedburner&utm_source=feedburner&utm_medium=feed&utm_campaign=feedburner+fastcompany&utm_content=feedburner Deadline is approaching for unclaimed money

JACLYN DIAZ

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