Did you know there’s a deadline for claiming a tax refund. If you are entitled to a tax refund for an old tax year but haven’t filed the return yet, time’s running out.
If you are more than three years late in filing your tax return, you forfeit any tax refund that you would otherwise get.
The IRS regularly holds $1.5 BILLION in unclaimed refunds for any given tax year. So the money is real.
Wait to file for more than 3 years and the IRS keeps the money.
Tax refund bonanza
The IRS calculates that the median tax refund is more than $800.
Remember too that low to moderate income workers may also be eligible for the Earned Income Tax Credit, which could be as much as $6,431. That’s in addition to any taxes withheld from your paycheck.
But you don’t get the credit if you don’t file the return.
An estimated 149,000 Californians who are owed a refund haven’t filed the return necessary to claim their money.
No tax documents?
Often, the lack of tax records keeps people from filing their returns. Did you know you can get copies of your wage and deductions information from the IRS?
The IRS has an online tool for getting a wage and income transcript at Get Transcript Online. You start by creating an account, and then requesting the transcript you need.
Tax filing help
If you need help preparing your return, the IRS has partnered for 50 years with community volunteers in a program called VITA, to provide free return preparation for low income, elderly, disabled, or limited English speaking individuals.
Find a VITA program near you. In the Bay Area, the United Way sponsors EarnIt, KeepIt, SaveIt, with a particular focus on helping families claim the EITC.
These programs are free.
It’s your money, if…
Get busy claiming a tax refund. File the return and claim your money. Don’t leave money in the hands of the IRS.
