Could You Have an Unclaimed Tax Refund?

 

Upon finding out they’re owed a tax refund, most Americans jump at the chance for some extra cash in their pockets. What happens, though, when you never do find out that you’re owed money from the IRS, or when you discover it well after the fact? Believe it or not, unclaimed refunds are common. They happen for a variety of reasons. Sometimes, people who are not required to file because they earn too little don’t bother. Thus, they miss out on money they could have been handed. Other times, there may have been an error on the part of the IRS that you never remedied. Various other situations could lead to an unclaimed refund as well.  

Is There Money Waiting for You?  

So, how can you find out if there are unclaimed refunds in your past and if they’re still valid?  

The best way is to seek the help of a qualified tax professional. They are skilled at looking at years where you didn’t file or even years where you did and discovering errors or oversights you or the IRS may have made that could have led you to miss out on refunds. Even better yet, they’ll know which refunds are still redeemable and can help you to cash in on the money you’re owed.  

Missed Credits and Deductions  

Keep in mind as well that, even when you file on time, you may not have always filed your taxes in the best way possible. In some instances, you may have overpaid the IRS due to missing out on possible credits, exemptions, and more. So, even if you’ve filed diligently for years, still consider speaking with a tax professional and learning about the possibility of submitting an amended return for certain years. 

The Three Year Limit  

Sadly, unclaimed money can’t just be claimed indefinitely. Generally, you have three years from the day your taxes were due to file them and request a refund for which you’re owed. After that deadline, you may miss out on money that should have been rightfully yours.  

Remember, every day that passes could take you one step further away from being able to get the money you’re owed. So, if you think you could have unclaimed funds waiting for you, don’t delay. Get professional tax help right away.