You Have One Week Left to Claim Your Forgotten Tax Refund for 2017
The IRS says it has yet to receive over $ 1.3 billion in tax refunds in 2017 – money that belongs to the roughly 1.3 million people who have yet to file their tax returns for this year. However, if you owe money, you will have to act quickly – there is only one week left to claim it as the IRS will no longer withhold unclaimed refunds for 2017 after May 17th.
Claim it or lose it
The IRS is required by law to withhold unclaimed tax refunds for three years, after which the money becomes the property of the US Treasury. The IRS says the average claim amount is around $ 865, but loans can also cost thousands of dollars.
According to CNBC , one of the benefits it receives is the Earned Income Tax Credit; it costs $ 6,318 and is eligible for those with a maximum income of up to $ 48,340 if you have three children (there are lower thresholds if you have fewer or no children, as outlined here ). You can also request other credits:
- Additional tax credit per child
- Adoption loan
- American loan of opportunity
- Repayable loan for the minimum tax for the previous year
- Health Insurance Tax Credit
- Federal Fuel Tax Credit
How to know if you owe money
According to the IRS, the only way to know if the IRS is withholding your 2017 refund is to file that year’s return (don’t bother calling the IRS or using the Where’s My Refund tool to find out, as it won’t provide you with any information about 2017 tax refund). If you are unsure about filing but believe you may be eligible for a refund, you may first consult with a tax professional to see if you are eligible for any false tax credits (some of which have expired after 2017).
How to file your 2017 tax return
You will need to file your 2017 tax return using your 2017 tax form , online or by mail (make sure it is stamped by May 17) – this year’s 1040s, 1040-As and 1040-EZ can be found on the IRS. gov . If you are using commercial tax software such as TurboTax or H&R Block, you will either have the option to use the original 2017 form in their current software, or download the version of the tax software from the previous three years (2019, 2018 and 2017) … ).
And if you are missing the 2017 W-2, 1098, 1099, or 5498 Forms, you can request them from former employers and banks or using the IRS online Get Transcript tool.
Also, please note that even if you are eligible for a refund, this does not mean that you will necessarily receive a check – these funds can be used to pay off other debts that you may have, such as child support or other payment arrears. taxes.