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Does the IRS owe you money?
The IRS recently announced that there is up to $1 billion in income tax returns waiting for nearly 1 million people who failed to file their 2013 taxes. Does the IRS owe you money?
What a lot of people fail to realize is that money you haven’t claimed from the IRS CAN and WILL expire. What do you have to do to get what you deserve? File your 2013 taxes by the end of this tax season, which this year is April 18.
The estimated average amount to be claimed is about $763.
In cases where someone failed to file their tax return, the IRS provides most taxpayers a three year grace period. This gives you the opportunity to claim a refund. If for some reason you don’t claim it, the money becomes the property of the Treasury of the United States. The law requires taxpayers to properly address mail and postmark the tax return by that date.
EITC
There’s more: many workers stand to also lose their eligibility for the Earned Income Tax Credit (EITC) for that year. In 2013, for example, that credit was worth about $6000. The EITC helps moderate to low income households, so this may be you.
Taken straight from the IRS Website:
Current and prior year tax forms (such as the Tax Year 2013 Form 1040, 1040A and 1040EZ) and instructions are available on the IRS.gov Forms and Publications page. Or call toll-free: 800- TAX-FORM (800-829-3676). Those who are missing Forms W-2, 1098, 1099 or 5498 for the years 2013, 2014 or 2015 should request copies from their employer, bank or other payer.
Taxpayers who are unable to get missing forms from their employer or other payer should go to IRS.gov and use the “Get Transcript Online” tool to obtain a Wage and Income transcript. Taxpayers can also file Form 4506-T to request a transcript of their 2013 income. A Wage and Income transcript shows data from information returns we receive such as Forms W-2, 1099, 1098 and Form 5498, IRA Contribution Information. Taxpayers can use the information on the transcript to file their tax return.
Courtesy of IRS.gov
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If you think you may be owed money, or if your 2013 tax return wasn’t all that it could be, stop by our offices for a One Stop Tax Checkup. We’ll go through your previous 3 years’ tax returns to see if you got every penny coming you way. Remember, it never hurts to check.
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