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25,000 Alabama residents owe the IRS an average of $800: Who is eligible?

25,000 Alabama residents owe the IRS an average of $800 Who is eligible

According to the Internal Revenue Service, over 25,000 Alabama residents owe an average of just under $800 in past taxes stretching back to 2018.

Unclaimed income tax refunds totaling over $1.5 billion are awaiting an estimated 1.5 million taxpayers who did not file a 2018 federal Form 1040 income tax return, but you must act by the April 18 tax deadline to collect your money. Among them are 24,474 Alabama residents who owe an average of $796 in back taxes.

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“By law, these reimbursements are only available for a three-year period, which ends with this year’s April tax deadline. We want to assist individuals in obtaining their refunds, but they must submit a 2018 tax return by this vital deadline,” IRS Commissioner Chuck Rettig stated.

The IRS forecasts that the midpoint for prospective refunds in 2018 is $813 — that is, half of the refunds will exceed $813 and a half will be less.

Under federal law, taxpayers have a three-year window in which to receive an income tax refund. If this does not occur, the funds become the property of the United States Treasury.

The filing deadline for 2018 returns expires on April 18, however residents of Maine and Massachusetts have until April 19 owing to state holidays in those states.

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