TENS of thousands of eligible Americans have not yet claimed their $720 cash payments.
The IRS has issued a warning to taxpayers in a crucial state that time is running out to access tax refund money from the approximately $34 million fund.
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Credit: Getty Images – Getty
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Credit: Getty
More than 1.1 million Americans have unclaimed refunds for the 2021 tax year, as announced by the tax authority last week.
Among those potentially missing out on refunds are an estimated 38,500 residents in Georgia.
These individuals have not yet filed their 2021 tax returns and are quickly running out of time to claim their share of the estimated $33,515,300 in available refund money.
The median potential refund for Georgia taxpayers is $720, although individual amounts may vary.
Georgians have until April 15 to file their 2021 tax returns and secure their missing refunds.
More on stimulus checks
STIMULUS checks have been credited to the bank accounts of many Americans since the onset of the coronavirus pandemic.
“According to the law, taxpayers generally have three years to file and claim their tax refunds,” stated the IRS announcement.
“If they fail to file within three years, the funds revert to the US Treasury.”
The agency may withhold the 2021 refund for those who have not yet filed their 2022 or 2023 tax returns, as noted in the announcement.
The IRS also clarified that any 2021 refunds will first be applied to past due federal debts before any refund is issued to the taxpayer.
MORE MONEY
The agency’s announcement last week indicated that 1.1 million Americans are still eligible for unclaimed refunds from the 2021 tax year, with over $1 billion total available.
This estimate, however, does not encompass other applicable credits, such as the Recovery Rebate Credit.
The IRS is in the process of automatically distributing approximately $2.4 billion in refunds through the Recovery Rebate Credit for 2021 returns, so be sure to claim yours before it’s too late.
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, also known as stimulus checks.
It serves as a refund for those eligible for the third stimulus check but who did not claim it while filing their 2021 tax return or have yet to file their 2021 return.
Those who still need to complete their 2021 tax returns must do so by April 15.
The Recovery Rebate Credit will either reduce an individual’s tax liability or be issued as a refund.
The IRS began distributing these refunds in late December and will continue to process payments as it receives 2021 tax returns.
Taxpayers will receive the funds either via direct deposit to the bank account listed on their 2023 return or as a paper check at their registered address.
With the deadline for filing federal tax returns approaching, the IRS has outlined three methods to secure an extension on your taxes.
Additionally, the IRS is still distributing $2,000 checks to millions of families, and specific forms are available to obtain even more funds.
