2018 Tax Returns Are Due April 18th. Claim Your Refund Before the Window Closes
In 2018, over a million taxpayers didn’t file a 2018 Form 1040 federal income tax return, leaving $1.5 billion in unclaimed refund money. Even though it's 2022, it's still not too late for people to file and get their refund, but the deadline is quickly approaching.
It's 2022. How Am I Still Able to Get a Tax Refund for 2018?
If a taxpayer doesn’t file their return, they usually have three years to file and claim their tax refund. There are instances where taxpayers have either forgotten to file their tax return (and it happens!) or moved and never received their tax refund check. If taxes aren't filed within three years and money is owed, in most cases, the money will be returned to the U.S. Treasury and forfeited. And once it's gone, there's no way to claim those funds.
People who did not file returns in 2018 qualify for the money. This primarily includes low-income individuals and others who have virtually no chance of owing the IRS money for the tax year. Even if you're not in a group that doesn't have to file a tax return, it's typically best practice to do so as you may be able to qualify for certain credits such as the Earned Income Credit (for 2018, the credit was worth as much as $6,431!), the Child Tax Credit, or the American Opportunity Credit or Lifetime Learning Credit.
Keep in mind that even though you may qualify, you may not be guaranteed to receive a refund if:
You owe money to the IRS.
You haven't filed your 2019 or 2020 taxes.
You have unpaid child support.
You have past due federal debts, like student loans.
What's the Deadline?
Taxpayers have until April 18, 2022 to file their 2018 return to receive their unclaimed refund. According to the the IRS, the estimated average refund for those who haven’t filed for 2018 is $813. That's essentially like leaving free money on the table! And it's fair to say that there are people who have unclaimed refunds of much more than that amount.
Gather your income information (you can request a tax transcript from the IRS if you don't have it) and fill out a 2018 tax return form. If filing for 2018, you will have to submit your tax return by mail. Taxpayers who are missing tax forms can access wage and income transcripts from their Online Account under Tax Records. This transcript has the information sent to the IRS, such as Forms W-2, 1098, 1099, Form 5498 and IRA contribution information. Taxpayers can use the information from the transcript to complete their tax forms. Alternatively, taxpayers can request copies from their employer, bank, or other payer.
No tax filing is the same so no service we render is the exact same. Our tax accountants can help you figure things out like your Earned Income Credit, Child and Dependent Care Credit and Recovery Rebate Credit. Contact Tax Incorporated if you need assistance filing your tax return(s).
For more information, schedule a consultation with us today.