THE IRS is trying to return unclaimed income tax refunds worth more than $1.3billion to taxpayers who never got around to filing a federal return for 2017.
For those who have not received their stimulus checks and have not filed their federal returns since 2017, a collect tax refund worth more than 1.3billion out there.
The IRS is trying to return $1.3billion in unclaimed income tax refunds[/caption]
About 1.3million taxpayers who met the specific requirement will be happy to know that there is money available for them, The Washington Post reported on Tuesday.
“We want to help people get these refunds, but they will need to quickly file a 2017 tax return,” IRS Commissioner Charles Rettig said.
Due to the pandemic, the April 17 deadline to claim tax refunds has been extended to May 17.
“Time is quickly running out for these taxpayers,” Rettig said.
The April 17 tax refund deadline has been extended to May 17[/caption]
The IRS believes the average person who would qualify for this late refund can earn about $865.
However, the amount of money varies across state lines: In Alaska, it is $980. In Maryland and Virginia, the median refund could be $872 and $827, respectively. In Washington, DC, the amount is $878. In Massachusetts, the state has the most significant median repayment at $978.
The refund is not the only thing to be a concern. The IRS wants to ensure that low to moderate-income workers can receive their Earned Income Tax Credit, though the opportunity is gone for some.
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According to Money Wise, the tax credit, designed to help working individuals and couples, particularly those with children, was worth up to $6,318 in 2017.
One’s qualifies for the credit is dependent on whether or not the individual made less than or between $39,617 to $48,340, and for couples who filed jointly, between 45,207 and $53,930.
However, if someone owes the IRS or your state tax agency money, the earning from the refund could be used to offset unpaid child support or past due federal debts like student loans.