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| Issue Number: IRS Tax Tip 2018-53
Tips for Getting Unclaimed 2014 Tax Refunds The IRS reminds taxpayers they may have money waiting for them. About 1 million taxpayers who did not file a 2014 federal income tax return have unclaimed tax refunds totaling about $1.1 billion. Here are some things taxpayers should know about these unclaimed refunds: -
To collect the money, taxpayers must file their 2014 tax return with the IRS no later than this year's tax deadline, Tuesday, April 17.
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The IRS estimates that half of the refunds are more than $847.
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When a taxpayer who is getting a refund does not file a return, the law gives them three years to claim that tax refund. If the taxpayer does not file a tax return within three years, the money goes back to the U.S. Treasury. For 2014 tax returns, the three-year window closes April 17, 2018.
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The law requires taxpayers to properly address and mail the tax return to the IRS. It must be postmarked by the April deadline.
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The IRS may hold the 2014 refunds of taxpayers who have not filed tax returns for 2015 and 2016.
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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.
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By failing to file a tax return, people stand to lose more than just their tax refund. Many low- and moderate-income workers may be eligible for the earned income tax credit. For 2014, the credit was worth as much as $6,143. -
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Taxpayers who are missing forms W-2, 1098, 1099 or 5498 for the years 2014, 2015 or 2016 should request copies from their employer, bank or other payer. Taxpayers who are unable to get missing forms can order a free wage and income transcript at IRS.gov using the Get Transcript Online tool. Taxpayers can use the information on the transcript to file their tax return.
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