{"id":1426741,"date":"2022-04-09T08:59:42","date_gmt":"2022-04-09T12:59:42","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1426741"},"modified":"2022-04-09T08:59:45","modified_gmt":"2022-04-09T12:59:45","slug":"1-5-billion-in-unclaimed-tax-refunds-set-to-expire","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/1-5-billion-in-unclaimed-tax-refunds-set-to-expire\/","title":{"rendered":"$1.5 Billion in Unclaimed Tax Refunds Set to Expire"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2F1-5-billion-in-unclaimed-tax-refunds-set-to-expire%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1426741&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2020\/07\/0\/0\/tax-refund-iStock-005.jpg?ve=1&#038;tl=1\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<div class=\"featured featured-video video-ct\">\n<div class=\"contain\">\n<div class=\"info\">\n<div class=\"caption\">\n<p>Sponsor Content: Tax advice for recently married couples and new parents filing in 2022<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>There are certain groups of people who aren&#8217;t required to file <a href=\"https:\/\/www.foxbusiness.com\/category\/taxes\" target=\"_blank\" rel=\"noopener\">tax<\/a> returns every year. For example, single individuals with gross income below $12,550 don&#8217;t have to file their 2021 tax return this year, and the same can be said for retirees who don&#8217;t have any taxable retirement income.<\/p>\n<p>However, even if you are in a group that doesn&#8217;t have to file a tax return, it&#8217;s typically to your benefit to do so. In simple terms, people in the lower income brackets tend to qualify for valuable tax credits that can result in a big tax refund. In fact, the <a href=\"https:\/\/www.foxbusiness.com\/category\/irs\" target=\"_blank\" rel=\"noopener\">IRS<\/a> recently revealed that taxpayers are entitled to $1.5 billion in unclaimed tax refunds from the 2018 tax year &#8212; and the deadline to claim them is approaching fast.<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/personal-finance\/waiting-tax-refund-last-year-heres-some-good-news\" target=\"_blank\" rel=\"noopener\"><strong><u>WAITING ON A TAX REFUND FROM LAST YEAR? HERE&#8217;S SOME GOOD NEWS<\/u><\/strong><\/a><\/p>\n<h3>Wasn&#8217;t the 2018 tax deadline three years ago?<\/h3>\n<p>You may be wondering why I&#8217;m suggesting that people file their 2018 tax returns now. After all, the IRS deadline to file a 2018 tax return came and went in April 2019, and even with extensions, 2018 returns were due in October of that year.<\/p>\n<p>However, as mentioned in the introduction, certain groups aren&#8217;t required to file a tax return if they don&#8217;t want to. This primarily includes low-income individuals and others who have virtually no chance of owing the IRS <a href=\"https:\/\/www.foxbusiness.com\/category\/money\" target=\"_blank\" rel=\"noopener\">money<\/a> for the tax year. And while you technically have to file a tax return if you make more than the minimum income thresholds, the IRS isn&#8217;t likely to come knocking on your door if you don&#8217;t file and are owed a hefty refund.<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/personal-finance\/behind-on-filing-your-tax-return-make-this-key-move\" target=\"_blank\" rel=\"noopener\"><strong><u>BEHIND ON FILING YOUR TAX RETURN? MAKE THIS KEY MOVE<\/u><\/strong><\/a><\/p>\n<p>In practice, think of the tax deadline as the day by which the IRS wants money owed to them &#8212; but they&#8217;re generally happy to hang on to <i>your<\/i> money for as long as you&#8217;ll let them.<\/p>\n<p>Under the current tax law, U.S. residents have a three-year window beyond the initial due date to file their tax return and claim a refund. So, the last day to file a 2018 tax return and claim a refund for that tax year is this year&#8217;s tax deadline, which because of weekends and holidays, falls on Monday, April 18.<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/apps-products\" target=\"_blank\" rel=\"noopener\"><strong><u>GET FOX BUSINESS ON\u00a0THE GO BY CLICKING HERE<\/u><\/strong><\/a><\/p>\n<h3>What kind of refund are we talking about?<\/h3>\n<p>The IRS says the average person entitled to an unclaimed refund in 2018 is entitled to about $800. And it&#8217;s fair to say that many people have unclaimed refunds of much more than that amount.<\/p>\n<p>Just to name a few possibilities:<\/p>\n<ul>\n<li>If you had income from a job in 2018 but it was less than the amount that required you to file a tax return, you might qualify for the Earned Income Tax Credit, or EITC, which could be worth up to $529 (no dependents) or $6,557 (with dependents).<\/li>\n<li>If you didn&#8217;t file a return, but were a full-time college student in 2018, you could potentially qualify for the American Opportunity Credit or Lifetime Learning Credit if you paid tuition (even if you received student loans).<\/li>\n<li>The Child Tax Credit was worth $2,000 for the 2018 tax year per child, and up to $1,400 of the credit can be refunded even if you had no tax liability.<\/li>\n<\/ul>\n<p>I could go on, but you get the point. The bottom line is that if you didn&#8217;t file a tax return for 2018, it&#8217;s in your best interest to do so &#8212; even if you earned little or no income for that year. Gather your income information (you can request a tax transcript from the IRS if you don&#8217;t have it) and fill out a 2018 tax return form, which can be found here. At this point, you&#8217;ll have to mail in your 2018 return, but if you are entitled to a refund, you could end up with a rather large reward for little effort.<\/p>\n<p><a href=\"http:\/\/foxbusiness.com\/\" target=\"_blank\" rel=\"noopener\"><strong><u>CLICK HERE TO READ MORE ON FOX BUSINESS<\/u><\/strong><\/a><\/p>\n<p><i>The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. The Motley Fool has a <\/i><a href=\"https:\/\/www.fool.com\/Legal\/fool-disclosure-policy.aspx\"><i>disclosure policy<\/i><\/a><i>.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sponsor Content: Tax advice for recently married couples and new parents filing in 2022 There are certain groups of people who aren&#8217;t required to file tax returns<\/p>\n","protected":false},"author":498,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1426741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1426741","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/498"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1426741"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1426741\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1426741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1426741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1426741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}