IRS: $1.3 billion in tax refunds will go to Treasury if unclaimed by May 17
Over $ 1.3 billion in unclaimed tax refunds await more than 1.3 million Americans who failed to file their federal taxes in 2017, according to the Internal Revenue Service, but taxpayers have just over a month to file them close.
These taxpayers may miss an average of $ 865 on their 2017 refund. Filers typically have three years to claim their refund. After this window is closed, the money will go to the US Treasury Department.
"The IRS would like to help taxpayers who have received a refund but have not yet filed their 2017 tax returns," IRS Commissioner Chuck Rettig said in a statement Monday. “These taxpayers are quickly running out of time. There is only a three year window to claim these refunds and the window closes on May 17th. We want to help people get these refunds, but we need to file a 2017 tax return quickly. "
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Massachusetts, New Hampshire, and Alaska taxpayers can expect the largest median tax refunds of $ 978, $ 968, and $ 960, respectively, according to the IRS.
The tax period this year has been extended to May 17th. This is the date taxpayers will need to stamp their mailed tax return in order to receive their 2017 refund. Old tax returns cannot be submitted electronically. They must be submitted on paper.
If you haven't filed your 2018 and 2019 tax returns, the IRS may still withhold your 2017 refund. In addition, the refund can be applied to any money you owe the IRS or your state tax agency and can be used to offset unpaid child support or any overdue federal debt including student loans.
(Photo: Getty Creative)
Taxpayers who are missing Forms W-2, 1098, 1099, or 5498 can request copies from their employer, bank, or other payers. If they are unable to get the required documents, they can use the IRS's Get Transcript Online tool to order a free wage and income log or submit Form 4506-T.
If low- and middle-income households fail to file their tax returns, credits such as the Earned Income Tax Credit (EITC) are also missing. The loan was worth up to $ 6,318 in 2017, according to the IRS.
Denitsa is a writer for Yahoo Finance and Cashay, a new personal finance website. Follow her on Twitter @denitsa_tsekova
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