Tag: <span>prior year returns</span>

March 3 2017

Taxpayers who did not file a tax return for 2013 may be one of the nearly 1 million who may be due a refund from that year. Taxpayers must claim their part of almost $1 billion by this year’s April 18 tax deadline. To claim a refund, taxpayers must file a 2013 federal income tax return. Here are some facts about unclaimed refunds:

  • The unclaimed refunds apply to people who did not file a federal income tax return for 2013. The IRS estimates that half the potential refunds are more than $763.
  • Some people, such as students and part-time workers, may not have filed because they had too little income to require them to file a tax return. They may have a refund waiting if they had taxes withheld from their wages or made quarterly estimated payments. A refund could also apply if they qualify for certain tax credits, such as the Earned Income Tax Credit.
  • The law generally provides a three-year window to claim a tax refund. For 2013 returns, the window closes on April 18, 2017.
  • The law requires that taxpayers properly address, mail and postmark their tax returns by April 18, 2017, to claim their refund.
  • After three years, unclaimed refunds become property of the U.S. Treasury. There is no penalty for filing a late return if taxpayers are due a refund.
  • The IRS may hold 2013 refunds if taxpayers have not filed tax returns for 2014 and 2015. The U.S. Treasury will apply the refund to any federal or state tax owed. Refunds may also be held  to offset unpaid child support or past due federal debts such as student loans.
  • Taxpayers who are missing Forms W-2, 1098, 1099 or 5498 for prior years should ask for copies from employers, banks or other payers. Taxpayers unable to get these copies can request a wage and income transcript either online or by mail.  Taxpayers can also file Form 4506-T to get a transcript.
  • The three-year window also usually applies to a refund from an amended return. In general, you must file Form 1040X, Amended U.S. Individual Income Tax Return, within three years from the date you filed your original tax return. You can also file it within two years from the date you paid the tax, if that date is later than the three-year rule. That means the deadline for most people to amend their 2013 tax return and claim a refund will expire on April 18, 2017.

Current and prior year tax forms and instructions are available on IRS.gov or by calling 800-TAX-FORM (800-829-3676).

Filing prior year returns can be tricky. Amending returns for any year can be downright confusing.  This is not something most people will want to undertake on their own.  Let us help you.  If you would like to receive assistance in claiming your prior year refunds or amending any return just give Tax On Wheels, LLC a call at 803 732-4288.  We specialize in bringing taxpayers up to date on their tax filings.

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If you haven’t filed your 2009 federal tax return, you may still have time to claim your tax refund. The IRS has $917 million in unclaimed refunds from an estimated 984,000 tax returns that people didn’t file for the 2009 tax year. The IRS estimates that half the potential refunds for 2009 are more than $500.

Here are some things the IRS wants you to know about unclaimed refunds:

1. Not required to file.  You may not have filed a 2009 tax return because you didn’t earn enough income to have a filing requirement. If you had taxes withheld from your wages or made quarterly estimated payments, you can still file a return and claim your refund.

2. Three-year window.  You have three years to claim a refund. If you don’t claim your refund within three years, the money becomes property of the U.S. Treasury. For 2009 returns, the window closes on April 15, 2013. You must properly address, postmark and mail your return by that date. There is no penalty for filing a late return if you are due a refund.

3. Don’t miss the EITC.  By not filing a return, you may miss an important credit — the Earned Income Tax Credit. For 2009, the credit is worth as much as $5,657. The EITC can put extra money in the pockets of individuals and families with low and moderate incomes. If you are eligible for the EITC, you must file a federal income tax return to claim the credit. This is true even if you are not otherwise required to file.

4. Some refunds applied.  The IRS may hold your refund if you have not filed tax returns for 2010 and 2011. The law allows the use of your federal tax refund to pay any amounts still owed to the IRS or your state tax agency. If you have unpaid debts, such as overdue child support or student loans, your refund may be applied to pay that debt.

If you need assistance with filing prior year returns you may contact Tax On Wheels, LLC at 803 732-4288.