According to the Internal Revenue Service, over 77,000 New Yorkers owe an average of over $900 in delinquent taxes stretching back to 2018. (IRS).
Unclaimed income tax refunds totaling over $1.5 billion are awaiting an estimated 1.5 million taxpayers nationwide who did not file a federal income tax return on Form 1040 in 2018. However, it would be best if you acted before the IRS’s April 18 tax deadline to claim that money.
77,315 New York citizens are entitled to an average return of $896 for $79,825,137 in monies available to New York residents.
“The IRS wishes to assist taxpayers expecting refunds but have not yet submitted their 2018 tax returns,” IRS Commissioner Chuck Rettig stated. “However, individuals must respond swiftly.
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 these refunds, but they must complete a 2018 tax return by this vital deadline.”
When a federal income tax return is not submitted, the law gives the majority of taxpayers a three-year opportunity to claim a refund. If they do not submit a tax return within three years, the money is forfeit to the United States Treasury.
The time for filing 2018 tax returns concludes on April 18. Taxpayers must properly address, mail, and postmark their tax returns by that date.
The IRS advises people expecting a 2018 tax refund that their checks may be delayed if they have not submitted their 2019 and 2020 tax forms.
Additionally, the refund will be applied to any remaining tax liabilities payable to the IRS or a state tax agency. It may offset outstanding child support or past-due federal debts, such as student loans.
Additionally, the IRS stated that many low- and moderate-income employees might qualify for the Earned Income Tax Credit (EITC). The credit was valued at up to $6,431 in 2018. Individuals and families with earnings below specific levels are eligible for the EITC.
The 2018 thresholds were as follows:
- $45,802 ($51,492 if married filing jointly) for individuals with three or more qualified children; $40,320 ($46,010 if married filing jointly) for those with one qualifying kid; and $15,270 ($20,950 if married filing jointly) for individuals without qualifying children.
- Returns for the tax year 2018 must be submitted at the IRS center stated on the final page of the current Form 1040 instructions.