The IRS has started sending out letters to approximately 9 million households that might have missed out on several pandemic-related tax refunds and stimulus checks, which may include the third round of stimulus payments that delivered $1,400 to individuals, $2,800 to couples and an additional $1,400 for each dependent.
The tax agency is contacting taxpayers who aren’t required to file an annual federal income tax return, usually because they don’t earn enough income to tax – a category that can include a significant number of retirees.
Are you entitled to this money? Read on to find out.
For more help contending with the challenges of inflation and the economic effects of the COVID-19 pandemic, consider matching for free with a financial advisor, especially to assess what to do with money you may be owed.
How to Get Missing Money From the IRS
The average U.S. taxpayer has to answer to the tax man once earning $12,550 for a single filer, or $25,100 for a couple. That rises to $14,250 if you’re older than 65, or $27,000 for a couple. But since Social Security benefits aren’t taxable – along with withdrawals from a Roth IRA – a single person receiving the maximum Social Security benefit could have more than $54,000 in combined benefits and additional income and not be required to file an income tax return. For a couple, the combined total gets to more than $108,000 – and they still wouldn’t be required to file.
Of the 65 million U.S. citizens receiving Social Security,…
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