You may already know this, but there is a lot of money just waiting to be claimed. It could be you. The Internal Revenue Service (IRS) just told everyone that more than a million Americans have not yet turned in their 2021 taxes.
How much is at stake? With tax refunds, no less than $1 billion was given out. Some quick math shows that that is about $781 for each person. Would you want to find almost $800 lost in the pocket of an old pair of pants? This is kind of like that, but there is more paperwork.
The important thing is that you have to act by April 15, 2025. That money will not really go away after that date, but it will go straight to the Treasury Department’s coffers.
It means you will lose money that you could use to pay your bills, buy something nice for yourself, or even save. Do not let time get away from you. Three years may seem like a long time, but the due date is coming up quickly.
How to claim your tax refund money, pending tax year 2021
Do not worry if you never turned in your 2021 tax return. It is not that hard as it looks. The only Form 1040 you need is the one for that year. Where can I get it? Everything can be downloaded from the IRS website.
Of course, do not do it online this time; print, sign, and mail everything the old-fashioned way. Yes, just like before. Here’s a tip: copy everything before you send it. A dog might eat your statement or an envelope might get lost. Okay, maybe not the second one, but it is better to be safe than sorry.
Now for the good part. You already have what you need for your normal declaration, but there are two credits that could make your final amount higher:
- Pandemic Recovery Credit (Recovery Rebate Credit): Remember those COVID stimulus payments? If for some reason you did not receive yours in 2021, this credit is your second chance. You just have to include it when filing your taxes for that year.
- EITC (Earned Income Credit): This is a lifesaver for low to moderate earners. Depending on your family situation (if you have children, for example), you could add up to $6,728 to your refund. Yes, almost seven thousand dollars. Is it worth checking out? Of course.
There is one more detail that you must keep in mind to receive the tax refund.
Be careful with this: the IRS will ask you to have your 2022 and 2023 returns ready even if you are claiming money for 2021. They can hold your refund until you get everything in order if you have not sent them in yet.
Why? They want to be sure you have not owed them anything in the last few years. If you are behind on more recent taxes, you should do those first. You trade with them by giving them what you owe them and getting what they owe you in return.
Do not worry. You do not have to have filed tax returns before to get this refund from the IRS. Of course, you will need all of these things for 2021: W-2s, 1099s, tax vouchers, and so on… If you do not have them, get in touch with your employer or the places that paid you that year. If nothing else works, the IRS website has free copies of your income tax returns.
Also See:- Over $1,700 to Be Sent Out Today for SNAP Beneficiaries: Find Out if You Qualify
