The IRS could owe you hundreds of dollars: you only have a week left to claim them
The IRS is withholding almost $1,5 billion in tax refunds for approximately 1,5 million people who have not yet filed their 2018 tax returns, and there is only about one week left to return, reports King5.
For most taxpayers, the deadline to file these past due 1040s with the IRS is April 18th. Maine and Massachusetts residents have until April 19th.
The IRS probably owes you hundreds of dollars. But the government is one week away from keeping that money forever unless you take action.
“By law, there is only a three-year window to claim these refunds, which close with a tax deadline this April,” IRS Commissioner Chuck Rhett said on March 28. “We want to help people get these refunds, but you need to file your 2018 tax return before this deadline.”
The IRS estimates that the average amount owed to taxpayers who do not file their returns is $813. This means that half of these refunds will be greater than and half less than $813.
The state with the highest potential median recovery is Alaska ($969). The lowest in Idaho is $686.
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In addition, some of those who did not file for 2018 may be eligible for an earned income tax credit. The Earned Income Tax Credit (EITC) helps low- and middle-income workers and families get tax credits. If you qualify, you can use this credit to lower the taxes you owe - and possibly increase your refund. EITC this tax year was up to $6431. The EITC revenue thresholds for 2018 were as follows:
- $49 ($194 if applying married together) for those with three or more eligible children.
- $45 ($802 if applying married together) for people with two eligible children.
- $40 ($320 if married together) for those with one eligible child.
- $15 ($270 if married together) for people who do not have eligible children.
1040 Forms 1040, 1040-As, and 2018-EZ can be found on the IRS.gov website.
Those who do not have W-2 or other forms of income and cannot get it from employers, banks, or other payers can use the online tool IRS Get Transcript.
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