Getting a tax refund is welcome news, but what if you’re missing out on money owed to you? It’s possible. Each year, unclaimed tax refunds stack up into the millions of dollars according to the IRS.
The reasons for unclaimed tax money can vary and likewise, so can the process for retrieving your refund. We can help you understand the types of unclaimed tax refunds and how to claim yours, so you can get back every dollar you deserve.
The IRS is required to hold on to unclaimed income tax refunds for three years. By law, if you do not file for a refund after three years, the money becomes the property of the US Treasury, and you will not be able to get it. For a 2018 income tax refund, you need to claim by Tax Day -- that's April 15 2022 -- before it's gone. You need to check with the IRS by today, April 15, to see if you qualify for some of the $1.3 billion in unclaimed 2018 income tax refunds.
The only way to know if the IRS is holding your refund is to file a return for the year, the IRS said. The agency regularly estimates the dollar amount of unreported tax returns but can't determine if an individual taxpayer is due a refund until they file a tax return. The Where's My Refund tool can't help either. It reports the refund status of those who have already filed their taxes.
To claim a refund for 2018, you need to submit your 2018 tax form, either online or through the mail. If you're mailing it, the tax return needs to be postmarked by April 15. Note that you may need to file a 2018 and 2019 tax return too for the IRS to release your 2018 refund.
You can find a prior year's tax forms on the IRS' forms page. If you're missing a W-2, 1098, 1099 or 5498 from 2018, the IRS recommends you request a copy from your employer or bank. You can also order a free wage and income transcript from the IRS and then use the information on the transcript to file your tax return.
The IRS could have a tax refund you need to claim by April 15.
If you think you were due a refund from 2018 but you don't receive one after you file, all or part of your refund may have been offset, or used to pay off past-due federal tax, state income tax, state unemployment compensation debts, child support, spousal support or other federal debts such as student loans.
For more information about your 2020 taxes, here's how to claim missing stimulus money on your taxes and how to track your tax fund 2022.