Roughly 1.4 Million Americans Set To Lose Out On Refunds
Roughly 1.4 million Americans are set to lose out on unclaimed income tax refunds worth more than $1.5 billion……because they didn’t file their 2016 tax returns. Taxpayers are given a three-year window to claim these refunds (file their 2016 tax returns) – and that window closes on Tax Day – which is July 15 this year. According to the IRS, the average refund would be around $861, or about one-third of the average federal refund for 2016. And no, there is no penalty for filing late when a refund is involved.
However, taxpayers who are due a refund should remember that their checks may be held if they haven’t filed the subsequent 2017 and 2018 tax returns. As well, taxpayers who owe back child support, past due federal debts, such as student loans, or owe money to the IRS or state agency should note that their return will be used to satisfy those debts.