In an announcement made last week, the IRS gave a warning of the rapidly approaching deadline to claim $1.5 billion in tax refunds from 2018. The deadline to claim this is before the tax deadline on Monday, April 18th. It is estimated that a total of 1.5 million taxpayers did not file in the year 2018, and qualify for a refund.
Refunds of the Past
More than half of those refunds are expected to be over 813 dollars according to the IRS. Taxpayers should also note that the refund will be applied to outstanding payments due to the IRS from the years 2019 & 2020. The IRS also mentioned that any state tax agency has the right to use the unclaimed money to offset money owed to the state, such as unpaid child support or past due debts such as student loans.
IRS Commissioner Statement
IRS Commissioner Chuck Rettig said in a statement, “The IRS wants to help people who are due refunds but haven’t filed their 2018 tax returns yet, but people need to act quickly. By law, there’s only a three-year window to claim these refunds, which closes with this year’s April tax deadline. We want to help people get these refunds, but they need to file a 2018 tax return before this critical deadline.”
Top 5 State Estimates Of Individuals Who May be Due 2018 Income Tax Refunds
State |
Estimated # of People |
Median Refund |
Total |
| Florida | 98,979 | $818 | $94,578,672 |
| New York | 77,315 | $896 | $79,825,137 |
| Pennsylvania | 59,459 | $865 | $58,993,909 |
| Texas | 145,616 | $856 | $147,059,248 |
| Illinois | 55,767 | $840 | $54,850,831 |
Wrap-Up
As the filing deadline is going to be here very soon, it is important to stay up to date on announcements that may be important to your tax return. If you think you qualify for this refund, talk with your accountant or advisor so they can give you the guidance needed.
Do you qualify to claim this refund? Give us a call at 515-541-6549 for more information!