IRS Owes $1 Billion in Refunds
Protecting SNAP and Medicaid Recipients
According to CNET the IRS owes a huge $1 billion in refunds to about 940,000 taxpayers from 2021. On average each person is owed $932. These refunds include money for the 2020 Recovery Rebate Credit. This shows that many people might have missed out on a lot of money because they didn’t file taxes or didn’t realize they could get a refund. The IRS usually keeps unclaimed refunds for three years before giving the money to the US Treasury. That means people have until May 17, 2024 to get back any money they missed from 2020.
Recipients of SNAP and Medicaid benefits should watch out for potential scams while the IRS informs them about benefit changes. To reclaim a missing tax refund from 2021 file a return. To determine the amount check tax and economic impact payment details online or in IRS letters. For a 2020 refund mail the tax return to the correct IRS office. If you suspect your refund paid debts contact the IRS. They handle federal tax refunds while the Treasury Offset Program manages others. It’s vital to verify refund messages and claim owed money promptly.
READ ALSO: Tax Refund Status 2024: Is Your Money on the Way?
$1 Billion IRS Owes in Refunds to 940,000 Taxpayers for 2021 – Claim Yours by May 2024!(PHOTO: Black Enterprise)
Proactive Measures for Verifying Refund Status
Furthermore individuals who suspect they may have missed out on economic impact payments or are unsure about their refund status should take proactive steps to verify their situation. Utilizing resources like the IRS Where’s My Refund tool or accessing IRS online accounts can provide insight into any unclaimed refunds or recovery rebate credits. It’s crucial for taxpayers to stay informed about their entitlements and to be vigilant against potential scams targeting their refunds. Taking action promptly ensures that individuals can claim any owed refunds before the deadline expires, safeguarding their financial interests and preventing the loss of valuable funds.
READ ALSO: IRS Has Issued $201B in Tax Refunds With Just Days Left in 2024’s Filing Season. What to Know
