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TheInternal Revenue Service (IRS) has warned that 1.1 million taxpayers have yet to file their 2021 tax return. The deadline to do so is today, Tuesday, April 15, and those who do not file on time could permanently lose refunds.
There is no penalty for late filing if a refund is due, but the law sets a three-year limit to claim it. After that period, unclaimed funds to the United States Treasury.
According to the IRS, thousands of people in each state could benefit if they file their return on time. On average, refunds are in the hundreds of dollars, although many taxpayers could also qualify for refundable tax credits, such as the Earned Income Tax Credit (EITC), which in 2021 was up to $6,728 for those with qualifying children.
The Recovery Rebate Credit is also still available for those who did not receive the stimulus payments issued during the pandemic. Both credits can only be claimed if the return is filed before the deadline.
The IRS also reminded taxpayers that refunds may be withheld if the taxpayer has not filed their 2022 or 2023 returns, or if they have outstanding debts with federal or state agencies, such as student loans or child .
In summary, those who have not yet filed their 2021 return should act quickly. The three-year deadline is about to close, and with it, the possibility of recovering refunds and credits that could represent significant financial relief.
IRS help with filing
The IRS adds important information to guide taxpayers to file their 2021 return with the documents and forms they need.
- IRS online . Individual taxpayers can create or access their IRS online at IRS.gov, in the "Online for Individuals" section. In addition to Forms W-2, 1095-A and 1099-NEC, they can view key information from their most recent tax return, such as adjusted gross income.
- Request copies of important documents. Taxpayers who do not have Forms W-2, 1098, 1099 or 5498 for 2021, 2022 or 2023 can request copies from their employer, bank or other payers.
- Current and prior year tax forms: Tax year 2021 Forms 1040 and 1040-SR and instructions are available on the IRS.gov Forms, Instructions & Publications page or by calling toll-free 800-TAX-FORM (800-829-3676).