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Tax Deadline Approaches: IRS Reminds Californians of $80M Unclaimed Refunds
Unclaimed Refunds Alert: Nearly $1B Nationwide, California Sees $88,000+ Missing Returns
As the tax deadline looms, the IRS is reminding taxpayers about the substantial sum of unclaimed refunds from prior returns, totaling nearly $1 billion nationwide. In California, more than 88,000 taxpayers stand eligible to retrieve some funds, averaging $932 per missing refund. The majority of these unclaimed amounts trace back to the three stimulus checks issued during the pandemic, emphasizing the importance of ensuring all entitled payments are recovered. For those who may have overlooked or received incomplete stimulus payments, the pathway to reclaiming them lies in the recovery rebate credit. Through the submission of an amended income tax return, taxpayers can rectify any discrepancies and potentially secure a tax refund if the credit surpasses their owed amount for the respective year. However, navigating the process of amending returns can prove intricate, prompting recommendations from financial advisors like Hanna Grichanik of Northwestern Mutual to seek professional guidance to ensure accuracy and completeness in filing.
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$1B Unclaimed Refunds from 2020 and 2021 Tax Years IRS Warns – Don’t Miss Out!(PHOTO: Getty Images)
Maximize Your Refund Potential: IRS Warns Taxpayers to Review Records, Claim Unclaimed Stimulus Payments Before Deadline
With unclaimed refunds eventually reverting to the U.S. Treasury after three years, it’s imperative for taxpayers to promptly review their records and take requisite steps. By leveraging online IRS accounts, individuals can expedite the verification process, confirming whether they’ve received the full entitlement of stimulus payments and addressing any disparities promptly. As the deadline for reclaiming refunds approaches, taxpayers are urged to act swiftly and consider consulting with tax professionals to optimize their chances of recuperating any outstanding funds before it becomes too late.
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