IRS Warns: Nearly $1 Billion in Unclaimed Refunds Await Taxpayers Before Filing Deadline
California Taxpayers Urged to Claim Over $80M in Unclaimed Refunds from Stimulus Checks
With the tax filing deadline looming, the Internal Revenue Service (IRS) is sounding the alarm on nearly $1 billion in unclaimed refunds that taxpayers have left on the table. In California alone, over 88,000 individuals could potentially be eligible for refunds, with an average unclaimed amount of $932 per taxpayer. The bulk of these unclaimed funds stem from the three stimulus checks distributed to taxpayers throughout the course of the pandemic, highlighting the importance of ensuring all eligible payments are accounted for. For those who may have missed or received incomplete stimulus payments, there’s still an opportunity to claim them through the recovery rebate credit. By filing an amended income tax return, taxpayers can rectify any discrepancies and potentially receive a tax refund if the credit exceeds their owed amount for the given year. However, navigating the process of amending returns can be complex, prompting financial advisors like Hanna Grichanik of Northwestern Mutual to recommend seeking professional assistance to ensure accuracy and completeness in filing.
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2020 Unclaimed Refunds IRS Reminds Taxpayers to Check – Don’t Miss Out!(PHOTO: Getty Images)
Swift Action Needed: Claim Unclaimed Refunds Before They Revert to U.S. Treasury in Three Years
As the deadline for claiming refunds approaches, taxpayers are urged to take action swiftly, as unclaimed funds eventually revert to the U.S. Treasury after three years. Utilizing resources such as online IRS accounts can help individuals verify whether they’ve received the full entitlement of stimulus payments, allowing them to take necessary steps to secure any outstanding refunds before it’s too late.
