$1.5 BILLION IN REFUNDS WAITING FOR PEOPLE WHO HAVE NOT FILED A 2018 FEDERAL INCOME TAX RETURN:

Unclaimed income tax refunds totaling almost $1.5 billion may be waiting for an estimated 1.5 million taxpayers who did not file a 2018 Form 1040 federal income tax return, but people must act before the April tax deadline, according to the Internal Revenue Service.

"The IRS wants to help people who are due refunds but haven't filed their 2018 tax returns yet," said IRS Commissioner Chuck Rettig. "But people need to act quickly. By law, there's only a three-year window to claim these refunds, which closes with this year's April tax deadline. We want to help people get these refunds, but they need to file a 2018 tax return before this critical deadline."

The IRS estimates the midpoint for the potential refunds for 2018 to be $813 — that is, half of the refunds are more than $813 and half are less.

In cases where a federal income tax return was not filed, the law provides most taxpayers with a three-year window of opportunity to claim a tax refund. If they do not file a tax return within three years, the money becomes the property of the U.S. Treasury. For 2018 tax returns, the window closes April 18, 2022, for most taxpayers. Taxpayers living in Maine and Massachusetts have until April 19, 2022. The law requires taxpayers to properly address, mail and ensure the tax return is postmarked by that date.

From the Editor: if you are filing 2018 returns due a refund on behalf of a client – it cannot be electronically filed as that window is closed. The IRS accepts the current year and prior two years electronically (which means 2019, 2020, and 2021). It is STRONGLY recommended that the return be filed by certified mail with a return receipt required. It has come to our attention that the IRS may no longer be retaining the mailing envelopes and you must have proof of timely mailing (on or before April 18, 2022) to retain the right to a refund if challenged.