Rhode Island Residents And Their Unclaimed Refunds – More Necessary Information About The Owed Money!

Rhode Island residents have a last opportunity to claim their unclaimed tax refunds.

Help for Rhode Island residents is also available for tax concerns. (Photo: Stacker)

Refunds Of Rhode Island Residents

Approximately 2,600 Rhode Island residents are owed a total of about $3 million in refunds from the IRS for the 2020 tax year because Rhode Island residents did not file tax returns.

The deadline to file 2020 tax returns of Rhode Island residents and claim owed refunds is May 17. After this date, the money goes back to the U.S. Treasury.

The IRS estimates that the median refund for these Rhode Island residents is $986, totaling $2.98 million. Rhode Island residents may be owed refunds from withheld paychecks or tax credits like the earned income tax credit.

There is a free program called Volunteer Income Tax Assistance (VITA) for Rhode Island residents and those who need help filing their 2020 returns to claim their refunds, with 24 sites across Rhode Island.

According to a published article by SmartNews, the IRS is sending letters to high-income earners who have not filed taxes, but those owed refunds will not receive any letters.

Tax Strategies

In a published article by AOL.com, wealthy individuals often pay lower taxes by using various tax strategies. One strategy is to put more money towards retirement, such as increasing contributions to a Roth IRA.

They also buy tax-advantaged investments like municipal bonds, donor-advised funds, and real estate. Another strategy is selling declining investments to offset taxes on profitable ones, known as tax-loss harvesting.

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