2014 Tax Returns Must be Filed by April 17, 2018 to Receive a Refund. IRS Estimates $1.1 billion waiting to be refunded. IRS estimates $13,041,800 waiting to be refunded just to those in the State of Wisconsin!
Unclaimed federal income tax refunds totaling about $1.1 billion may be waiting for an estimated 1 million taxpayers who did not file a 2014 federal income tax return, according to the Internal Revenue Service.
To collect the money, these taxpayers must file their 2014 tax return with the IRS no later than this year’s tax deadline, Tuesday, April 17.
In cases where a federal income tax return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming 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 2014 tax returns, the window closes April 17, 2018. The law requires taxpayers to properly address, mail and ensure the tax return is postmarked by that date.
The IRS reminds taxpayers seeking a 2014 tax refund that their checks may be held if they have not filed tax returns for 2015 and 2016. In addition, the refund will be applied to any amounts still owed to the IRS or a state tax agency and may be used to offset unpaid child support or past due federal debts, such as student loans.
By failing to file a tax return, people stand to lose more than just their refund of taxes withheld or paid during 2014. Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit (EITC). For 2014, the credit was worth as much as $6,143. The EITC helps individuals and families whose incomes are below certain thresholds. The thresholds for 2014 were:
- $46,997 ($52,427 if married filing jointly) for those with three or more qualifying children;
- $43,756 ($49,186 if married filing jointly) for people with two qualifying children;
- $38,511 ($43,941 if married filing jointly) for those with one qualifying child, and;
- $14,590 ($20,020 if married filing jointly) for people without qualifying children.
- For additional information, see IRS link – https://www.irs.gov/newsroom/irs-refunds-worth-one-point-one-billion-dollars-waiting-to-be-claimed-by-those-who-have-not-filed-2014-federal-income-tax-returns
4 Tips To Find Unclaimed Money
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