If you are owed a tax refund from 2017, you need to act quickly. There is less than a week until that money disappears.
Monday, May 17 is the deadline to file their 2017 tax return with the IRS. The agency estimates that 1.3 million taxpayers didn’t submit a 1040 form for the 2017 tax year and are due a refund.
The IRS said the average value of the refunds is $865.
When someone doesn’t file, they have three years to claim their refund. If they don’t, the money goes back to the U.S. Treasury.
In addition to the refunds, many low- and moderate-income workers could be missing out on the earned income tax credit, worth as much as $6,318 for 2017, the IRS said.
The income limits for 2017 were:
- $48,340 for those with three or more qualifying children; $53,930 if married filing jointly
- $45,007 for people with two qualifying children; $50,597 if married filing jointly
- $39,617 for those with one qualifying child; $45,207 if married filing jointly
- $15,010 for people without qualifying children; $20,600 if married filing jointly
If you need previous or current tax forms, click here or call the IRS at 800-TAX-FORM (800-829-3676). If you are missing a W2, 1099 or other income forms, click here to request a wage and income transcript.
Keep in mind, if you also didn’t file for 2018 and/or 2019, but you do submit the 2017 form by May 17, the money may be held. The money may also go to paying outstanding balances with the IRS, state tax agencies, unpaid child support or past due federal debts like student loans.
For more, click here.