Perspective: Average tax refunds are up. And by the way, the IRS says it has $1.4 billion waiting to be collected.
By Michelle Singletary Michelle Singletary Personal finance columnist Email Bio Follow Columnist March 14 Despite early worries that refund amounts were significantly down, taxpayers on average are still getting a lot of money back from Uncle Sam this tax season. The Internal Revenue Service has already issued refunds worth a total of $142 billion.
I’ve personally worked with a number of individuals who during our budget sessions confide that they haven’t filed their taxes for years. They had feared they owed and couldn’t pay. That may become the case for an estimated 1.2 million taxpayers who have not filed their 2015 tax return, according to the Internal Revenue Service. They are owed $1.4 billion, the agency says.
Need help with tax preparation? Go to irs.gov and look for “Get Free Tax Preparation Help” on the main page. Depending on your income, you can get help in filing your federal return and, in many cases, your state return. You’ll see a list of companies offering free software to file. On the positive side, one reader wrote: “My husband I received our tax refund last month. We got about $3,400, which was a wonderful surprise given all of the news headlines about decreases in refunds.”
Press continued: “We made the decision 10 years ago to buy a house in Montgomery County due to it being close to the metro so I could get to work. No one wants to pay the ridiculous prices for houses around here and the high property taxes, but at least we could deduct the high property taxes on our federal taxes. Not any more. No matter how hard you try to make good financial decisions in life something always gets in the way that is out of your hands.
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