You may have money waiting for you, the IRS warns. An estimated 1.3 million taxpayers didn’t file a 2017 Form 1040 federal income tax return and are due a refund.
Here are some things you should know about these unclaimed refunds:
To collect the money, you must file your 2017 tax return no later than this year's tax deadline, Monday, May 17.
If you are getting a refund but don't file a return, the law gives you three years to claim that tax refund. If you don't file a tax return within three years, the money goes back to the U.S. Treasury. For 2017 tax returns, the three-year window closes May 17, 2021.
The law requires you to properly address and mail the tax return to the IRS, postmarked by the May deadline.
The IRS may hold your 2017 refund if you have not filed tax returns for 2018 and 2019.
The unclaimed money will be applied to any amounts still owed to the IRS or a state tax agency. The money may also be used to offset unpaid child support or past due federal debts, such as student loans.
By failing to file a tax return, you stand to lose more than just their tax refund. Many low-and moderate-income workers may be eligible for the earned income tax credit. The credit was worth as much as $6,318 for 2017. The EITC helps individuals and families whose incomes are below certain thresholds. The 2017 thresholds were:
$48,340 for those with three or more qualifying children;
$53,930 if married filing jointly
$45,007 for people with two qualifying children; $50,597 if married filing jointly
$39,617 for those with one qualifying child; $45,207 if married filing jointly
$15,010 for people without qualifying children; $20,600 if married filing jointly
Current and prior year tax forms are available on the Forms, Instructions and Publications page of the IRS website or by calling toll-free 800-TAX-FORM (800-829-3676).
If you are missing forms W-2, 1098, 1099 or 5498 for the years 2017, 2018 or 2019, you should request copies from your employer, bank, or other payer. If you are unable to get missing forms you can order a free wage and income transcript using the IRS Get Transcript Online tool and use the information on the transcript to file your tax return.