NICK GOSNELL
Hutch Post
HUTCHINSON, Kan. — Even if you missed the filing deadline for taxes this year, as long as you are due a refund, there is no penalty, and you can even still file for free, if you fit the income guidelines.
"All of the penalties that the IRS talks about are all on an unpaid balance," said Michael Devine with the IRS. "If you filed your tax return and didn't pay what you owed, then penalties and interest are going to be compounding on that. But, if you're due a refund, there's no penalty for you not filing your tax return, but there is a three year statute of limitations in order to file the return and get your money back."
There is a lot of free tax credit money that hasn't been distributed to those who qualify for it, because they have not filed their taxes at all.
"That is critically important to people who may not have filed for the past couple of years," Devine said. "We're talking about 2019 and 2020. There were a lot of credits that were increased because of COVID. The only way to get those is to file the tax return. We're talking about the Child Tax Credit, which could be $3600, the Recovery Rebate Credit, which would be $1400 per adult and child, the Earned Income Tax Credit, if you have three children, almost $7000. If you didn't file, because you're not required to, this is the time to go ahead and get that done."
The IRS is actually sending out reminder letters to those who might qualify.
"We are sending out letters to about 9 million households," Devine said. "These are people that are normally not required to file a return, because they don't make enough money to have to file, but they may be eligible to claim those credits and thousands of dollars in refunds. If you do it yourself, you can go and get the tax form on IRS.gov. Or, for 2019 and 2020, you can go to a registered tax professional and they can file it electronically."
For more information go to irs.gov or call (800) 829-1040.
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