The IRS is Still in Possession of $1.1 Billion In Taxpayer Refunds: Are You Owed Money?

The 2018 deadline to file your 2017 tax return is April 17th. It is also the deadline to file your 2014 taxes if you have failed to do so up to this point. It astonishing when you think about the number of people that have yet to claim money owed from three years ago. You may have never given it any though but the government gets paid off your efforts before you touch your paycheck. However, there are many people that are either ignorant, scared to file or just plain neglect to file altogether.

I actually met a gentlemen who walked into my tax office last month and said he has not filed taxes in the last eight years. My jaw immediately dropped to the floor. I could not fathom how this was possible myself but not filing taxes may be more common than you think.

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The Internal Revenue Service estimates they are still in possession of over $1 billion in unclaimed tax refund proceeds. Many Americans are not aware that there is no penalty due for filing taxes with a refund after the deadline. The penalty is only levied if you owe taxes after your return is filed. Interest on taxes due to the IRS will begin on the tax filing deadline which is usually April 15th unless modified. Now, if you have not filed taxes for 2015 or 2016, your 2014 return could be held as a result. The IRS estimates an average return of $847 for each person that did not file a 2014 return.

Failing to file a return could cause someone to lose valuable credits such as the earned income credit. This credit has a max value of $6,143 for 2014 tax year. Do not be one of these people who fail to claim what may be yours.

Tips For Claiming 2014 Tax Return

  • Tax returns from previous years are still eligible for e-file. The limit is two years prior to the current tax year.  

  • Where you send your tax return is dependent upon where you live.

  • Current and Prior year tax forms can be accessed via IRS.gov/forms. Or by calling 800-TAX-FORM

  • If you believe you may be missing forms required to complete your previous returns, you can get these forms from your employer or banking institution. If that does not help a free wage or income transcript is available at IRS.gov Get Transcript Online.