The IRS says that Tax refunds of over $ 1.3 billion in 2017 are pending– Money that belongs to an estimated 1.3 million people who have not yet filed their tax returns for this year. However, if you owe money, act fast – there is only a week left to claim as the IRS is no longer holding on to unclaimed refunds for 2017 after May 17th.
Claim it or Lose it
The law requires the IRS to hold unclaimed tax refunds for three years. Thereafter, that money will become the property of the US Treasury Department. The IRS says the average claim is worth around $ 865, but loans can be worth thousands of dollars as well.
Via cnbcOne of the credits to be earned is the Earned Income Tax Credit. It’s worth $ 6,318 and can be claimed by anyone with incomes no greater than $ 48,340 if you have three children (there are lower thresholds if you have fewer or no children as listed) Here). Other credits can also be claimed:
How do you know if you owe money?
According to the IRS, the only way to tell if the IRS is holding your refund for 2017 is to file a return for that year (don’t call or use the IRS Where is my refund tool? to find out that there is no tax refund information for 2017). If you are unsure about how to file, but believe you may be owed a refund, the first thing you should do is contact a tax advisor to see if you also qualify for stray tax credits (some of which expired after 2017 are).
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How to file a 2017 tax return
You must file your 2017 taxes with the Tax form 2017, either on-line or by mail (make sure it’s postmarked by May 17th) – this could be the 1040s, 1040-As, and 1040-EZs of the year found on IRS.gov. If you are using business tax software such as TurboTax or H&R Block, you have the option of either using the original 2017 form in the current software or downloading the version of the tax software for the last three years (2019, 2018 and 2017).
And if you miss W-2, 1098, 1099 or 5498 forms as of 2017, you can request them from former employers and banks or from the IRS Get the transcript online Tool.
Also note that even if you qualify for a refund, you don’t necessarily need to receive a check. These funds can be applied to other debts you may owe, such as: B. Child benefit or other tax back payments.
