It is estimated by the Internal Revenue Service that 1 million taxpayers have yet to file their 2014 tax return and claim their refund. They further estimate that the refunds could exceed $1 billion. However, to claim any refund due, you must file your 2014 federal tax return by April 17, 2018. This is the same date that your 2017 federal tax return is due.
Claiming Your 2014 Refund
What happens if you don’t file the return?
There is no penalty for filing a late return if you are going to receive a refund, but the law does provide that most taxpayers have a limited window of opportunity for claiming a tax refund. If you do not file a tax return within three years to claim a refund, you in essence forfeit the money and it becomes the property of the U.S. Treasury.
What are the benefits of filing my 2014 tax return?
The IRS estimates the average potential refund for 2014 is $847, but by failing to file a tax return, people stand to lose more than just their refund. Many low to moderate income workers may be eligible for the Earned Income Tax Credit (EITC) and that credit was worth as much as $6,143 back in 2014. Now you see how the totals could exceed $1 billion and your refund could be in the thousands itself. Don’t miss this window.
What else does the IRS check on my tax return to determine my refund amount?
It may take you longer to receive an older refund, because they have to check to see if you owed for 2015 or 2016, but make sure you file by April 17, 2018 anyway to reserve your refund. You have waited 3 years already. What’s another couple of months for the IRS to do their research? The IRS will also check to see if you owe any state tax agency, have any unpaid child support, or student loans. If you do, they will offset the amounts and give you the difference. You still come out ahead of where you were.
How to Get Prior Year Forms
If you are unable to get your Form W-2, 1098, 1099 or 5498 for 2014, 2015 or 2016 from your employer or other payer, you can go by a local IRS location near you and pick it up or go online and order a wage and income transcript on IRS.gov using the Get Transcript Online service. Your options are to get it online or by mail. Due to time restraints, if you use this option, I would get it online.
Because the software is no longer available for tax year 2014, prior year tax forms (such as 2014 Form 1040, 1040A and 1040EZ) and instructions are available to be printed from the Prior Year Forms and Instructions page on the IRS website or ordered by calling 800-TAX-FORM (800-829-3676). The law requires taxpayers to properly address, mail and ensure the tax return is postmarked by the tax filing deadline. I will repeat it again, this year it is Tuesday, April 17.
Please also read this IRS article for state-by-state estimates of the number of taxpayers who may be due 2014 income tax refunds, the average and total potential refund amounts.
Unfortunately,not everyone receives a refund and if you fall in the “I owe the IRS” category please file your return anyway and contact us at Bond and Botes to schedule an appointment for a free initial consultation. We can help you eliminate your tax debt and also discuss your options for dealing with your other debts via Bankruptcy, we can answer all your questions regarding Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, stopping a foreclosure or wage garnishment, avoiding liens, stopping law suits, discharging medical debt, personal loans, payday loans, credit card debt, etc. We can alleviate your stress! We want to help and we can help you!