1.3 million owed old refunds

Tens of millions of People are nonetheless ready for his or her 2020 tax refunds because the understaffed Inside Income Service grapples with a mountain of yet-to-be-processed returns, always altering tax guidelines, and the arduous activity of distributing the most recent stimulus checks.

Because it seems, a few of those self same People could also be owed cash from three years in the past—and in the event that they wish to accumulate it, they’d higher hurry!

The IRS said on Monday that some 1.3 million taxpayers who didn’t file a tax return in 2017 are due a refund. Beneath U.S. regulation, taxpayers who fail to file a return get three years to assert their refunds. In the event that they don’t, the cash goes again to the U.S. Treasury.

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For 2017, that three years is up.

In keeping with the most recent replace from the IRS, people who find themselves nonetheless owed a refund from 2017 should file a return by Monday, Might 17, 2021. Meaning you will have slightly greater than a month to file your return and declare your long-lost money.

For those who suppose you may fall into this class of people who find themselves owed cash from 2017, there are some things to know. First, the IRS might nonetheless maintain your cash if you happen to additionally haven’t filed a return in 2018 and 2019. (You’re not supposed to only randomly skip years.) Additionally, your refund cash may very well be intercepted and utilized to different past-due money owed, resembling cash you owe the IRS, youngster assist, pupil loans, or different federal money owed.

All that stated, it’s price catching up on slightly paperwork if there’s a giant payoff ultimately. Along with refunds, the IRS says some low- and moderate-income taxpayers can also be eligible for the earned earnings tax credit score, which was as excessive as $6,318 in 2017.

To study extra about eligibility, try the IRS’s announcement here.