One thing many people are unaware of is that you can file tax returns for past years if you believe that you could get some money back from the Internal Revenue Service (IRS). Another thing many do not take into account is the fact that not everyone needs to file taxes, but that does not mean that they should not try to do so anyway, as there are many programs and refunds that they could benefit from.
The deadline to file taxes this year is fast approaching (April 15 in most states) and for those who have an inkling that they could be owed some money, this is the chance to make that happen. The easiest way to check whether or not you are owed any through lost tax refunds or stimulus payments is to review your past tax history or utilize IRS tools aimed at tracking missing payments.
Who would benefit the most from tracking IRS refunds
Well, of course those who have not filed their tax returns for a couple of years because they do not believe they need to. Even if you work, there is a chance you do not earn enough to need to file taxes, but that is a fallacy that most people fall into, as just because the government does not expect you to do it does not mean it would not be beneficial for you.
And for those who are concerned about having to pay someone or a program to file taxes, the IRS has plenty of tools to help you file for free if you are of a lower income bracket. Despite popular belief, the IRS does not want to take all your money, they just want to ensure that all citizens meet their financial obligations and in some cases, that means giving them money back. If you are part of one of the following groups consider filing your taxes even if you do not think you need to:
- Low-income earners who didn’t file because of income limits.
- Students and part-time employees who were not informed they were entitled to refunds.
- Retirees who were not aware they were eligible for earlier stimulus payments.
- People who moved and had notices of their refunds lost in the mail.
The one thing that you need to keep in mind before you become “filing happy” is that the IRS has a three-year hard deadline for claiming tax refunds. This means that taxpayers have only three years to claim any lost money that they may have left on the table. The timeline was expanded a bit during COVID, but that has ended now and the last tax return you will be able to claim this year is the 2021 tax refund (bear in mind that taxes are on a one year delay and you are now filing for 2024).
According to McCrory (2025), 2021 tax refund returns must be processed by April 15, 2025, since the IRS has a three-year requirement for unclaimed refund claims. The money is forfeited if not claimed within this time and goes to the U.S. Treasury. Moreover, stimulus payments given amid the pandemic also have a deadline to make claims.
If you are unsure on how to claim your money, do not worry, the process is quite simple and does not require you to do anything special. The first thing you must do is to check your previous tax returns in search of missing refunds or payments. Then, go to the IRS website and look for the available online tools that they offer and that will help you determine if you are eligible for a stimulus payment or missing refund. If the answer is yes, file a back tax return before the April 15 deadline and claim your money. As a last step ensure that your bank account information is current and that so is your address, as that will cause delays in the process if it is not updated.