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$1 Billion at Risk: Last Chance to Claim 2021 Tax Refunds – Act Now!

Nearly 940,000 Taxpayers Risk Losing $1 Billion in Unclaimed 2021 Tax Refunds

Claim Your Share of $1 Billion in Unclaimed 2021 Tax Refunds Before Time Runs Out

According to CNET, today is the last chance for almost 940,000 taxpayers to claim their 2021 tax refunds before they vanish into the government’s coffers. Each year the IRS holds on to unclaimed tax refunds for three years but the clock is ticking for those who haven’t yet filed their returns for 2021. The average refund for 2021 was $2,815 a significant sum for many individuals. This year the deadline to claim these tax refunds is May 17, 2024 extended from the usual deadline due to the pandemic. However, filing for 2020’s refunds is a bit different taxpayers must do so by mailing in their returns as electronic filing isn’t an option. If you miss this year’s deadline the money you’re owed will become the property of the US Treasury and you won’t be able to retrieve it. For those who missed out on Economic Impact Payments also known as stimulus checks there’s still hope. The Recovery Rebate Credit allows individuals to claim any missed payments on their tax returns for both 2020 and 2021. If you’re in this situation and didn’t file your 2020 tax refunds you have until May 17, 2024 to claim your missing funds. Similarly if you missed out on payments in 2021 you have until April 15, 2025 to file and claim what you’re owed.

However, finding out if you have unclaimed tax refunds isn’t straightforward. The IRS‘s “Where’s My Refund” tool won’t help in this case the only way to know for sure is to file a return for the respective year. Additionally, if you suspect your tax refunds was offset to cover tax debts or other obligations you can contact the IRS or the Treasury Offset Program for more information. To file for 2020 tax refunds taxpayers must mail in their returns to specific regional IRS centers with the deadline being May 17, 2024 for most filers. Missing documents like W-2s can be requested from employers or banks or individuals can obtain a wage and income transcript from the IRS‘s website. As the deadline approaches it’s crucial for those who haven’t yet claimed their tax refunds to take action immediately. With potentially large sums of money at stake every effort should be made to ensure that individuals receive what they’re rightfully owed before it’s too late.

READ ALSO: 28.9% Drop: Average Tax Refunds Plummet To $1,395 In 2024, IRS Data Reveals – What To Know!

$1 Billion at Risk: Last Chance to Claim 2021 Tax Refunds – Act Before May 17, 2024! (PHOTO: AP News)

Act Now to Secure Your Unclaimed Tax Refunds and Stimulus Payments Before the Deadline Expires

Furthermore, with the deadline looming it’s essential for individuals to act promptly to avoid losing out on their rightful tax refunds. The process of claiming these tax refunds may involve some paperwork and effort such as filing old tax returns and gathering necessary documents like W-2s or income transcripts. However, the potential financial benefit makes it well worth the time and energy. For those who may have missed out on Economic Impact Payments the opportunity to claim these funds through the Recovery Rebate Credit adds another layer of importance to filing past tax returns. These payments were intended to provide relief during challenging times and individuals shouldn’t overlook the chance to receive what they’re owed.

READ ALSO: Illinois Governor’s $120 Prepaid Card Aid Initiative Battles Food Insecurity: A Beacon Of Hope Amidst Continued Struggle

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