The IRS is looking for over 1 million people who failed to file a tax return in 2017 and who may be owed a refund of taxes that have been withheld or otherwise prepaid. In fact, the federal government has more than $ 1.3 billion in potential refunds waiting to be claimed. The average possible refund is estimated at $ 865. Is some of that money yours?
Request your refund by May 17th
Act now if you believe some of the money could be yours. In cases where a federal tax return has not been filed, the taxpayer typically has three years to request a refund. This means that you must file your 2017 tax return with the IRS no later than this year’s extended tax date on May 17, 2021 in order to collect the money. That is today!
Missing W-2 and other 2017 tax forms?
If you’re missing Forms W-2, 1098, 1099, or 5498 from 2017, try getting copies from your employer, bank, or other payer. If that doesn’t work, you can go online and order a free wage and income statement from the IRS or request one by filing Form 4506-T. The transcript shows data from the information returns received from the IRS. This information can be used to file your 2017 tax return.
What if you have a tax debt or haven’t filed other returns?
The IRS could withhold your 2017 refund check if you also didn’t submit a 2018 or 2019 return. Additionally, the IRS may apply your 2017 refund to any federal or state taxes you owe for other years – or to offset unpaid child support or past due federal debt such as student loans.
Eligibility for 2017 income tax credit
By filing a 2017 tax return, many low and middle income workers can also be eligible for the income tax credit for that year. The loan was worth up to $ 6,318 in 2017. The loan helps individuals and families whose income is below certain thresholds. The thresholds for 2017 were:
- $ 48,340 ($ 53,930 if married together) for those with three or more eligible children;
- $ 45,007 ($ 50,597 if married together) for someone with two eligible children;
- US $ 39,617 (US $ 45,207 if married) for those with one eligible child; and
- $ 15,010 ($ 20,600 if married together) for those with no eligible children.
