The Internal Revenue Service is reminding an estimated one million taxpayers that time is running out to file a 2014 tax return and claim refunds totaling more than $1 billion.
The law provides most taxpayers with a limited window of opportunity for claiming a tax refund. If they do not file a tax return within three years to claim a refund, the money becomes the property of the U.S. Treasury.
To claim a refund due, taxpayers must file their 2014 federal tax return by April 17, 2018. There is no penalty for filing a late return for those receiving refunds. Taxpayers who are unable to get Forms W-2, 1098, 1099 or 5498 for 2014 should order a wage and income transcript from the IRS.
By failing to file a tax return, people stand to lose more than just their refund. Many low- and moderate-income workers may also be eligible for the Earned Income Tax Credit (EITC).