Tax Day is coming, and you might have money that needs proper claiming. There is a total of $1.3 billion unclaimed 2017 income tax refunds sitting on the US Department of the Treasury. After May 17, the unclaimed money would become property to the US Treasury and remain forever out of your grasp.
You might have a few income tax refunds you need to claim from the IRS, specifically for tax refunds waiting since 2017. The tax refund is a monetary reimbursement for payers who overpaid their taxes. So if you have some suspicions that too many taxes have been paid off from your paycheck, then you need to read on how to get that money back!
How Much Money Does the Government Owe You?
Cnet reported that over 1.3 million taxpayers have $1.3 billion worth of unclaimed 2017 tax refunds waiting in the IRS. Unfortunately, the government does not specify who these people are and how much money an individual can claim. Therefore, you need to file your Tax Refund to get the transaction details on how much you can claim.
The IRS moved Tax Day to May 17 this year because they are busy processing tax returns, weekly batches of stimulus checks, and "plus-up" payments. Luckily this gives you more time to get your refund. When claiming your tax refund, you can also get an extra $16,000 in child care expenses, child tax credit payment, and check if the state owes you unclaimed property.
How to Claim Your 2017 Refund Online
To claim a refund for 2017, you need to estimate how much money you are expecting to receive, submit your personal data, and send your completed forms online or through the mail. You can do this process through these online tools. The IRS provides their forms, including the yearly tax forms, on their online website.
Filing your 2017 tax refund might require additional documents, such as your 2018 and 2019 tax returns. You might also need documents like the W-2, 1098, 1099, or 5498 from 2017 transactions. If these documents are missing, request a copy from your employer or bank registered.
How to Check for Missing Money
After following these steps and waiting for the IRS to complete the delivery process, you might find some of your money missing from the amount expected. This is because the refund money might be offset or used to pay post-due credits like child support, federal tax, state income tax, state unemployment compensation debts, spousal support, and student loans. These are just some of the creditors claiming your refunds. Try asking your bank or the local jurisdiction office for a more detailed list of credits to get the complete list.
While filing your Tax Refund, take this opportunity to ask for the missing money from your stimulus checks too! Here are the steps you can follow to reclaim your missing stimulus money from the IRS.
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