TENS of thousands of eligible Americans have yet to stake their claim to $720 in cash payments.
The IRS has warned taxpayers in a key state that time is running out to get their hands on tax refund money from the roughly $34 million pot.
Time is running out for eligible taxpayers to claim their $720 tax refundsGetty Images - Getty GettyAround $34 million in tax refunds is waiting to be claimed by residents in a key state[/caption]Over 1.1 million Americans have unclaimed refunds for the 2021 tax year, the tax administrator announced last week.
Included in those missing out on potential refunds are an estimated 38,500 residents of Georgia.
They have yet to file their 2021 tax returns and are running out of time to get a piece of the estimated $33,515,300 in refund money available.
The median potential refund for taxpayers in Georgia is $720, although this amount will vary between individuals.
Georgians have until April 15 to submit their 2021 tax returns and claim their missing refunds.
More on stimulus checks
STIMULUS checks have been landing in the bank accounts of Americans since the beginning of the coronavirus crisis.
IRS stimulus check tool – how to track down your payment Track down your missing stimulus check Why haven’t I got my stimulus check yet? Six reasons why you haven’t received your third stimulus check yet 10 states and cities giving out stimulus checks and other payments before Christmas“Under the law, taxpayers usually have three years to file and claim their tax refunds,” reads the IRS announcement.
“If they don’t file within three years, the money becomes the property of the US Treasury.”
The government agency may hold the 2021 refund for those who have yet to file their 2022 or 2023 tax returns, it noted in the announcement.
The IRS also clarified that 2021 refunds would first be applied to past due federal debts before any refund is issued to the taxpayer.
MORE MONEY
The government agency’s announcement last week stated that 1.1 million Americans are still missing out on unclaimed refunds for the 2021 tax year, with over $1 billion total up for grabs.
This estimate, however, does not include other credits that may be applicable, such as the Recovery Rebate Credit.
The IRS is in the process of automatically issuing roughly $2.4 billion in refunds via the Recovery Rebate Credit for 2021 returns, so be sure to get yours before time runs out.
The Recovery Rebate Credit is a refundable credit worth up to $1,400 for Americans who did not receive one or more Covid-era Economic Impact Payments, or stimulus checks.
It is a refund for those who were eligible for the third stimulus check but did not claim it when filing their 2021 tax return or who have yet to file their 2021 return.
Those who still need to file their returns for the 2021 tax year face an April 15 deadline.
The Recovery Rebate Credit will either reduce an individual’s owed taxes or be given as a refund.
The IRS started to hand out the refunds in late December and will continue to distribute the payments as the agency receives 2021 tax returns.
Taxpayers will either receive the money via direct deposit to the bank account listed on their 2023 return or paper check to their address on file.
With the deadline to file your federal tax return fast approaching, the IRS has revealed three ways to get an extension on your taxes.
Plus, the IRS is still handing out $2,000 checks to millions of families – and there’s a form to get even more cash.
Read More Details
Finally We wish PressBee provided you with enough information of ( Americans missing out on $720 cash payments – exact steps to take to grab your extra cash )
Also on site :