The IRS Says $1.5 Billion In Tax Refunds Will Go To The Treasury If Unclaimed By July 15

Hey guys! Did you file your tax return in 2016? If you didn’t, you may want to get on that.

People typically have three years to collect the tax return that is owed to them, or it goes back to the treasury.

There is over $1.5 BILLION in unclaimed tax returns owed to 1.4 million people. That comes out to an average of over $800 that should be going back to each person who has yet to file.

BUT, if you don’t file your taxes, you don’t get your money. I don’t know about you, but I could sure use an extra 800 bucks!

The IRS wants to help taxpayers who are owed refunds but haven’t filed their 2016 tax returns yet. Time is quickly running out for these taxpayers. There’s only a three-year window to claim these refunds, and the window closes on July 15.

 Chuck Rettig, IRS Commissioner

The deadline to file would have been April 15th, when taxes are normally due. BUT, the deadline has been extended to July 15th this year because of the coronavirus.

Old tax returns can’t be filed electronically; they can only be filed by paper. The return must be properly addressed and mailed with a postmark by July 15 to make the deadline.

Yahoo Money

Now, I’m betting there is a pretty good chance that you don’t have the proper documentation to file your tax return from 2016. If you need help in the way of W-2 or 1099s, you can get those online at the IRS website.

The IRS reminds taxpayers that there is no penalty for filing late when a refund is involved. Taxpayers seeking a 2016 tax refund should know that their checks may be held if they have not filed tax returns for 2017 and 2018. In addition, the refund will be applied to any amounts owed to the IRS or a state tax agency and may be used to offset unpaid child support or past due federal debts, such as student loans.

IRS website

Y’all. If you don’t file your 2016 income tax, you aren’t just in danger of losing your tax return. If you were eligible for the Earned Income Tax Credit, you will lose that, too. It was worth over $6 thousand in 2016.

Seriously, get to filing TODAY!! I’m going to hurt for you, if you don’t get the money you are owed.