CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Unclaimed Refunds For 2014 Total More Than USD1bn: IRS

Unclaimed Refunds For 2014 Total More Than USD1bn: IRS

by Mike Godfrey, Tax-News.com, Washington

13 March 2018


Unclaimed federal income tax refunds of about USD1.1bn have gone unclaimed by an estimated one million taxpayers who did not file a 2014 federal income tax return, according to the Internal Revenue Service (IRS).

To collect the money, these taxpayers must file their 2014 tax return with the IRS no later than this year's tax deadline, April 17.

"We're trying to connect a million people with their share of USD1.1bn in unclaimed refunds for 2014," said Acting IRS Commissioner David Kautter. "Time is running out for people who haven't filed tax returns to claim their refunds. Students, part-time workers, and many others may have overlooked filing for 2014. And there's no penalty for filing a late return if you're due a refund."

In cases where a federal income tax return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a tax refund. If they do not file a tax return within three years, the money becomes the property of the US Treasury.

The IRS reminded taxpayers seeking a 2014 tax refund that their checks may be held if they have not filed tax returns for 2015 and 2016. In addition, the refund will be applied to any amounts still owed to the IRS or a state tax agency and may be used to offset unpaid child support or past due federal debts, such as student loans.

"By failing to file a tax return, people stand to lose more than just their refund of taxes withheld or paid during 2014. Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit (EITC)," said the IRS. For 2014, the credit was worth as much as USD6,143.

TAGS: tax | law | Internal Revenue Service (IRS) | United States | Students | Tax

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »