Do you have unclaimed tax money sitting around? It expires soon
The deadline for filing federal tax returns for the 2021 tax year is fast approaching. You have until Monday, April 18 but that doesn’t mean you should wait until the last minute.
Cryptocurrency has created a new situation for taxpayers. If you have received, sold or exchanged any virtual currency in 2021, you must report it to the IRS or risk prosecution. Tap or click here for our detailed report on how to answer the cryptocurrency question on this year’s tax forms.
April 18 is not only the deadline to file your taxes, but it’s also the last day you can claim old tax refunds from 2018. It’s time to get on that.
There may be hundreds of dollars waiting for you
The IRS says there are $1.5 billion in unclaimed funds. This applies to people who did not file a 2018 Form 1040 federal income tax return.
If you do not file federal income tax for any year, you have a three-year window to claim a tax refund. Once three years have passed, the money becomes the property of the U.S. Treasury. For 2018 tax returns, the window closes on April 18, 2022 for most people. Taxpayers in Maine and Massachusetts have until April 19.
The IRS notes that taxpayers seeking a 2018 tax refund may not receive payment if they didn’t file returns for 2019 and 2020. Your refund may also be applied to your debts, including money owed to the IRS or your state, unemployment compensation, child support, student loans and more.
The IRS estimates that the median amount for the unclaimed refunds is $813, with a range of $715 to $969 depending on your state.
Related: It’s tax time: 4 free and paid software options to file your return online
How to claim your 2018 refund
While you can e-file your tax forms from 2019 and later, you need to file your 2018 returns by mail to the proper IRS center on the last page of Form 1040 for tax year 2021. Go to the IRS.gov Forms and Publications page for forms and instructions or call toll-free 800-TAX-FORM (800-829-3676).
If you’re missing a Forms W-2, 1098, 1099 or 5498 form, ask for one from your bank or employer.
Free money: How to find lost cash and accounts you're owed
About this time every year, I like to remind people to visit a few websites and get what’s rightfully theirs. Recently, Robert from Virginia called my national radio show to thank me for suggesting he search for lost money. He found out his deceased mother had $24,578 sitting in a bank account. He received the check in three weeks after proving he was heir to her estate.
4 ways to track down missing money you're owed
Somehow, money gets lost. We leave it in odd places, but given how hard we work for our paychecks, it’s hard to believe how easily we misplace our cash.
I’m talking about back wages, old 401Ks, bank failures, utility deposits, unclaimed life insurance, FHA refunds, undelivered tax refund checks – the list goes on and on, amounting to billions of dollars.