The IRS reports there ‘s calm approximately $ 1.3 billion in unclaimed tax refunds for those who did n’t file a tax return in 2017. typically, if you skip your taxes one year, you can file for an annex and file deep. The IRS gives a maximum window of three years before you lose out on your unclaimed retort. This might include people who earned below the minimum income levels in 2017 and were not required to file taxes, or those who missed the deadline for other reasons. While filing taxes from past years seems like a harass, non-filers from 2017 may want to consider turning in their tax tax return — even if they are n’t required to according to their income floor — since they could be missing out on tax credits and early money.
According to TurboTax, non-filers forgo the chance to receive the Earned Income Tax Credit ( EITC ), since the lone way to get it is to file a tax restitution. other tax credits might include :
- Additional Child Tax Credit
- American Opportunity Credit
- Adoption Credit
- Refundable Credit For Prior Year Minimum Tax
- Health Coverage Tax Credit
- Credit for Federal Tax on Fuels
If you ‘re belated on filing your 2017 taxes, you still have clock to do so. The end day to file in time to claim your money is May 17, 2021.
Read more: A step-by-step guide to identity theft
however, the IRS requires previous years ‘ taxes to be submitted on the original form. TurboTax makes this easy for its customers by offering a past years ‘ intersection page where users can download tax software for the previous three years ( 2019, 2018 and 2017 ). If you use H & R Block, you wo n’t be able to file previous years ‘ taxes online, but you can download anterior years ‘ products to your calculator and e-file, or schedule a live appointment in person. The average tax refund hovers around $ 3,000, but unclaimed refunds average about $ 600, according to the IRS. still, at a fourth dimension when many Americans are seeking excess cash to help make ends meet while riding out the current brandish of economic doubt, getting caught up on your paperwork might come with an unexpected windfall .