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Nearly 25,000 New Jerseyans Could Lose $27.4 Million in Tax Refunds – Are You Eligible?

939,000 Americans at Risk of Losing $1 Billion in Tax Refunds

24,000 New Jerseyans Could Lose $27.4 Million in Tax Refunds

Almost 25,000 Americans in New Jersey could lose out on money they’re owed if they don’t file their tax refunds soon. The IRS says these folks could miss getting $27.4 million altogether if they don’t submit their paperwork by May 17. Nationally, nearly 939,000 Americans could be leaving behind over $1 billion in unclaimed tax refunds. In just New Jersey about 24,400 Americans could each get around $920 if they file on time.

Usually, the deadline to claim these tax refunds is April 15 but due to COVID-19, it’s been extended to May 17. Most of these unclaimed refunds come from the Earned Income Tax Credit, which helps Americans with low to middle incomes and the Recovery Rebate Credit which is for those who missed out on stimulus payments during the pandemic. Many of these tax refunds belong to Americans who don’t normally file tax returns. Because of the pandemic they became eligible for stimulus payments but didn’t get them. If these refunds aren’t claimed by May 17 the money goes to the U.S. Treasury and can’t be given back. The IRS says there’s no penalty for filing late if you’re owed a refund.

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Nearly 25,000 New Jerseyans Could Lose $27.4 Million in Tax Refunds – Act by May 17! (PHOTO: NPR)

New Jerseyans Could Miss Out in Unclaimed Tax Refunds

Furthermore, IRS Commissioner Dan Werfel explained why so much money is unclaimed. “Americans faced extremely unusual situations during the pandemic which may have led some to forget about a potential refund on their 2020 tax returns,” he said in March. “Americans may have just overlooked these including students, part-time workers, and others. Some may not realize they are owed a refund. We encourage Americans to review their files and start gathering records now so they don’t miss the May deadline.” For those missing essential tax documents like a W-2, 1098, 1099 or 5498 it’s possible to request a copy from your employer, bank, or other relevant parties. Taxpayers who’ve lost contact with their employer or another payer can use the IRS online tool to request a free wage and income transcript. Another option is to request a transcript by submitting Form 4506-T with the IRS. With the deadline fast approaching it’s crucial for those who might be owed a refund to act quickly. Don’t let the opportunity pass by to claim money that rightfully belongs to you.

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