With less than a week until April 17th – the tax deadline for many individuals – time is running out for taxpayers who wish to claim their 2014 income tax returns, but still have yet to file for that year. The standard return only remaining viable for a period of three years, beginning at the original tax due date, the IRS has issued a reminder that all 2014 refunds not collected by April 17th, 2018 will go straight into the U.S. Treasury.

An amount, mind you, that the IRS estimates to equal a total of $1.1 billion in as-of-yet unclaimed tax refunds – the standard midpoint for each individual claim totaling at roughly $847.

“We’re trying to connect a million people with their share of $1.1 billion in unclaimed refunds for 2014,” Acting IRS Commissioner, David Kautter, says. “Time is running out for people who haven’t filed tax returns to claim their refunds. Students, part-time workers, and many others may have overlooked filing for 2014. And there’s no penalty for filing a late return if you’re due a refund.”

Plus, if you’re a low or moderate-income worker, you could be missing out on a lot more than just your return by failing to file this tax period. Designed to help families and individuals with smaller incomes, the Earned Income Tax Credit (EITC) is a secondary refund that could value as high as $6,143 for taxpayers falling below the following income thresholds:

  • $14,590 ($20,020 if filing jointly) for people without qualifying children;
  • $38,511 ($43,941 if filing jointly) for those with one qualifying child;
  • $43,756 ($49,186 if filing jointly) for people with two qualifying children; and
  • $46,997 ($52,427 if filing jointly) for those with three or more qualifying children.

As with all federal income tax returns, ensuring claim accuracy – as well as the filing of years 2015 and 2016 – is up to the taxpayer, while the IRS reserves the right to withhold or deposit any refund checks into other outstanding debts such as student loans or child support.

Just be sure you file for your 2014 claim, and quickly, before the tax period is over!

Want to ensure your tax forms are always up-to-date and filed on time? Contact us at (310)534-5577 or email [email protected]. We’d love to help!

 

(Thanks to this article by the IRS for the research!)

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