Did you not get a tax refund this year? Did you not send in a tax return because you think that your income is too low? If the answer to either one of those questions is yes, then you may be entitled to some money. Every year, millions of tax refunds are unclaimed and undelivered. In 2011, the IRS had $153 million in refunds that were waiting to be issued. There are a number of reasons that people do not receive their tax refunds.
Undelivered tax Refunds
Every year, the IRS sends out refund checks to about 30 million people. Some of these tax refunds are sent to the wrong address, so they are returned to the sender. Others are never cashed because they are lost in the mail. If you manually filed your taxes and have not received a refund, then you want to make sure that the IRS has your correct address.
Unclaimed tax Refunds
If your income was too low to file taxes, then you may still be able to get a refund. This is because you may be able to get an Earned Income Tax Credit, which is given to low-income earners. You can get this credit regardless of whether taxes were taken out of your earnings. There are income limits that apply. The maximum income is contingent upon your household size and whether you file jointly.
If you have an unclaimed tax refund, then it is important to contact the IRS as soon as possible. You will not be able to get a refund if you do not file taxes within three years. For example, if you have an unclaimed tax refund from 2015, then you will have until 2018 to claim it. The money will become the property of the U.S. Treasury if you do not claim it within three years. Keep in mind that you will not be charged a penalty for filing your tax return late if you are owed a refund.
What to do if you have an Unclaimed tax Refund
If you did not get your tax refund because the IRS does not have the correct address, then you can update your address using the "Where's my Refund?" feature. You will be prompted to give a new address if the IRS was not able to contact you within the past 12 months.
You can also update your address using Form 8862. This is a Change of Address Form, which can be found on the IRS website. You can also call the IRS directly and request a form.
You can also consult with your tax preparer if you have an unissued refund. Your refund may be delayed because the information on your tax refund was not correct. You can update this information by calling the IRS directly.
You can find the forms you need to file your tax returns on the IRS website. You can also get these funds by calling the IRS. Everyone could use an extra $3,116. This is the average unclaimed tax refund amount.
How to Prevent This From Happening in the Future
The main reason that refunds are not delivered is because the IRS does not have people's correct address. That is why it is important to make sure that the IRS has your current address. If you choose to get your refund delivered via direct deposit, then you will need to make sure that the banking information is correct.
Make sure that you keep track of the status of your refund using the "Where's my Refund?" feature. There are three options. Your return is processing, refund has been approved, or it has already been sent. If all of the information is accurate, then you should get your refund within three weeks. However, there are several things that can cause a delay in your refund.
Keep in mind that if your refund is rejected, then you can correct the errors and submit your tax return again. There is no charge for submitting an amended tax return.
Furthermore, you may want to consider e-filing your taxes and signing up for direct deposit. This will not only ensure that your taxes are done correctly, but you will also be able to get your refund much faster.
For many people in the United States, the annual tax season means they will get a refund from the Internal Revenue Service. However, some people may not receive a refund or file a tax return if they have low earnings. Ho...Read More