The IRS is issuing an urgent warning to taxpayers in Georgia, urging them to act fast to claim their portion of over $34 million in unclaimed tax refunds. With the deadline fast approaching, eligible residents have until April 15 to file their 2021 tax returns and secure their refund, which could be as much as $720.
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Unclaimed Tax Refunds Totaling $34 Million
Around 1.1 million Americans are missing out on tax refunds for the 2021 tax year, and the IRS has flagged this as a key issue, especially for those in Georgia. An estimated 38,500 Georgians have yet to file their 2021 tax returns, leaving $33,515,300 in potential refunds still waiting to be claimed.
For many Georgia residents, the median refund could be as high as $720. However, the amount varies depending on individual circumstances, and some taxpayers may be eligible for even more.
The IRS Deadline: April 15
Georgians are urged to file their tax returns before the April 15 deadline to ensure they don’t miss out on their refund money. After this date, the IRS will no longer accept 2021 tax filings, and any unclaimed refund funds will be returned to the U.S. Treasury.
The IRS has a strict three-year window for taxpayers to claim their refunds, meaning the 2021 refunds will expire in April if not claimed in time. If you miss the deadline, the money is no longer available for refund and becomes the property of the government.
Taxpayer Options: Federal Debts and Recovery Rebate Credits
For taxpayers who owe money to the IRS or have unpaid federal debts, the agency will first apply any 2021 tax refund toward those debts before issuing any remaining balance to the taxpayer.
Moreover, those who haven’t received the Recovery Rebate Credit – a refundable credit worth up to $1,400 – are also at risk of losing their refund if they fail to file. This credit was designed for individuals who didn’t receive one or more of the Covid-era Economic Impact Payments (stimulus checks). The IRS is automatically issuing refunds for the Recovery Rebate Credit, but only if the taxpayer files their 2021 tax return.
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The Importance of Filing Your 2021 Tax Return
If you’re among the millions of Americans who haven’t filed your 2021 tax return yet, time is running out. April 15 marks the final day to submit your return and claim your refund. If you’re missing out on the Recovery Rebate Credit, you could potentially receive a larger refund – but you must act quickly.
For most taxpayers, refunds are being issued automatically, either as direct deposits to the bank account provided on their 2023 tax returns or as paper checks sent to their last known address.
Don’t Miss Your Share of Over $1 Billion in Refunds
As of the IRS’s latest announcement, there is over $1 billion worth of unclaimed tax refunds across the country. The window to claim your refund is closing fast, so be sure to file your tax return by the April 15 deadline to avoid losing out on this money.
Remember: If you miss this opportunity, the funds will go back to the U.S. Treasury, and you won’t be able to claim them in the future.
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