Is there a tax refund waiting for you? Are you aware that you have three years to file a tax return and claim your refund? Students and many others may not realize they’re due a tax refund. Remember, there’s no penalty for filing a late return if you’re due a refund.
To collect the money, taxpayers must file a 2015 tax return with the IRS with in the next year and before the tax deadline in 2019.
In cases where a tax return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund. If they do not file a return within three years, the money becomes the property of the U.S. Treasury.
By failing to file a tax return, people stand to lose more than just their refund of taxes withheld or paid during 2015. Many low-and-moderate income workers may have been eligible for the Earned Income Tax Credit (EITC). The EITC helps individuals and families whose incomes are below certain thresholds. The thresholds for 2015 were:
- $47,747 ($53,267 if married filing jointly) for those with three or more qualifying children;
- $44,454 ($49,974 if married filing jointly) for people with two qualifying children;
- $39,131 ($44,651 if married filing jointly) for those with one qualifying child, and;
- $14,820 ($20,330 if married filing jointly) for people without qualifying children.
Many people are unsure about moving forward with a previous year return filing because they have other years that they may not have filed. Additionally, some taxpayers don’t know how to obtain previous years’ W2 income forms. The experts at Republic Tax Relief can provide a free interview to evaluate whether or not you need additional assistance beyond just filing 2015. If you do qualify for assistance, the legal team can conduct a full investigation (for a nominal fee) and obtain your income reports on your behalf so you don’t have to.