Every year, the Internal Revenue Service reports the existence of uncollected funds that belong to American taxpayers. NBC affiliate WAND (in central Illinois) recently reported that 55,767 Illinois taxpayers could be due roughly $55 million, total, in tax refunds from 2018.
The IRS said that roughly half of those refunds could total $840 or more. IRS spokesperson Michael Devine told WAND that people may not have filed taxes that year because their income did not meet the minimum required to file. In 2018, individuals under 65 making less than $10,400 in gross income, and individuals 65+ making less than $11,950 did not have to file taxes. For married couples filing jointly, the income limits were $20,800 (for both partners under 65 years old), $22,050 if one partner was over 65, and $23,200 if both partners were over 65.
Taxpayers only have three years to file for unclaimed funds from the IRS, which means that the filing deadline to claim your money from 2018 is April 18, 2022.
“If no return is filed to claim a refund, the money becomes property of the U.S. Treasury,” Devine told WAND.
Additionally, it’s not just Illinois residents who may be owed a tax refund from three years ago. The IRS is holding on to more than $1.5 billion that belongs to 1.5 million taxpayers across the country who didn’t file taxes in 2018.
There are a few things to be aware of before you file to claim your 2018 tax refund:
- You may need to also file your 2019 and 2020 taxes (if you haven’t) before the IRS releases your 2018 refund.
- You might also be owed a tax refund from those years, so it pays to file.
- You can e-file your tax returns for 2019, 2020, and 2021, but will need to download tax forms for 2018 at the IRS.gov Forms and Publications page (or call 1-800-TAX-FORM).
Keep in mind, if you owe the IRS or state tax agency for undue taxes, your tax refunds could be used to pay those debts first. Your refund may also be garnished to pay federal student loans or unpaid child support.