The tax service owes $ 1.4 billion: how to find out if you owe money
The United States Revenue Service (IRS) accounts for about $ 1,4 billion in unpaid federal income tax returns. They apparently lost sight of about a million Americans.
How to know if you owe money
You can be on the lucky list if you have not filed a tax return for 2015 a year.
“We are trying to reach over a million people with their share of $ 1,4 billion of potentially unclaimed returns for 2015,” said IRS Commissioner Charles Rettig. "Part-time students and many others may not have filed their 2015 tax return."
For example, last year at this time about $ 1,1 billion remained unclaimed.
How to receive the money
In cases where you have not filed a tax return, the IRS gives most people three years to do so.
And although there are no penalties for late filing your tax return, for which you must pay back a portion of the taxes paid, you must notify the IRS before April 15 2019 in most states.
Taxpayers in Maine and Massachusetts can apply before 17 April 2019.
If you have not applied for 2015 for the year and meet all the criteria for a refund, "according to the law, taxpayers must properly send an application by mail and make sure that the tax return is stamped to this date." Current and previous tax forms and instructions are available on the IRS website..
The service states that persons who do not have the necessary forms must request copies from their employer, bank or other payer. And those who cannot get the missing forms from their employer or other payer can request a certificate of wages and incomes, which will contain relevant information from previous reports.
A few warnings
If you do not apply for a refund within three years, the money becomes the property of the US Treasury. Also, keep in mind that your refund for the 2015 year may be withheld if you have not paid all taxes due to you for the 2016 and 2017 year.
In addition, the IRS informs you that your refund can be used to pay any arrears that you owe to the IRS or the state tax authority, and can be used to pay back unpaid support or overdue federal debts, such as student loans.
The agency will send you a few reminders and if you ignore them, it can file a replacement return on your behalf.
The deadline for filing tax returns this year is 15 April. Experts suggest applying before. Due to changes in tax laws, some taxpayers may face lower tax returns this year, and about 30 millions of Americans may actually end up owing to the IRS.
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