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tax refunds

There were about 1.5 million taxpayers that didn’t file a return in 2018. The IRS announced that it has $1.5 billion in tax refunds from 2018 and gave taxpayers until the end of the season to claim their money. If you missed out on claiming your refund, there are steps you can take to make sure you claim other refunds from 2019 and on.

How to claim an old tax refund

Taxpayers have a three-year deadline to claim unpaid tax refunds for federal taxes. While there are instances where it may not be required for you to report your income, filing helps the IRS ensure that you receive any refunds you may be eligible for.

The first thing you should do is make sure that you filed for the year in question. If you missed the filing deadline, you should still file as soon as possible to avoid IRS enforcement. To file a return from 2018 and prior years, you’ll have to file by paper. The final page of your current Form 1040 will tell you which IRS center to send your return to, as it may differ based on your state.

Low and moderate-income families could be eligible for larger refunds by qualifying for Earned Income Tax Credit. This credit is based on the number of children in a household and filing status.

Returns for 2019 and on can be e-filed.

What happens to your refund if you owe back taxes?

The refund is generally applied to any amount that you owe to your state or the IRS. It can be used to offset other overdue balances such as child support and student loans as well.

Optima Tax Relief assists clients with large tax liabilities reach a resolution. Give us a call for a free consultation today at (800) 536-0734.