A MASSIVE sum of cash may disappear unless state residents complete their tax returns.
According to the IRS, residents have only until next month to claim their refunds for the 2021 tax year.
1
The IRS is holding $92.3 million in unclaimed tax refunds in the state of California.
There are 116,300 California taxpayers who still have not filed their 2021 returns, according to the agency.
Residents have until April 15 to file their 2021 taxes and claim refunds for that year.
The IRS says that the estimated median refund for Californians who still have not filed their returns is $600.
FIND OUT IF YOU QUALIFY
California taxpayers can check their eligibility and refund status, and make payments or find free tax services with the IRS2Go app, according to the IRS.
Low- and moderate-income workers may also qualify for a refundable tax cut called the Earned Income Tax Credit.
You can earn a higher refund credit by meeting certain conditions, have children or other dependents, or have a disability.
The EITC for eligible taxpayers with children was $6,728 in 2021.
In order to check for eligibility, the IRS offers the EITC Assistant tool, which where tax filers can answer some questions to see if they qualify.
It does not ask for personal information such as name, Social Security number, address, or bank account information.
MISSING THE DEADLINE
Any money not claimed by tax filers will belong to the U.S. Treasury after the April 15 deadline.
If taxpayers owe money to the IRS, have unpaid child support, or have overdue student loans, their refund amounts could be decreased.
Those who have not filed 2022 or 2023 returns may also receive lower refunds.
HOW TO FILE
The IRS advises taxpayers to gather documents ahead of the deadline, since some may take weeks.
Filers should create an IRS online account, then download transcripts of past returns.
Transcripts are not photocopies of past tax returns.
In order to receive a copy, file a 4506 form to the IRS.
Missing forms such as W-2, W-4, 1098, 1099, and 5498 can be requested from employers, banks, or payroll service providers.
These forms can also be mailed directly to the tax filer.
Since requesting the forms requires sensitive personal information, the IRS recommends closing your internet browser after submitting.
