Deadline approaching for 2017 refund claims

Did you file your 2017 1040 federal income tax return?

No? You didn’t think you needed to as you were sure you didn’t owe taxes?

Did you double check that you might just be due a REFUND, particularly if you are a low- to moderate-income worker?

There might be cash sitting in government coffers for you and you might be about to lose it forever.

The IRS has sent out a notice that 1.3 million taxpayers who didn’t bother with that 2017 return are owed refunds.  That three-year deadline to claim any 2017 refunds expires on Monday, May 17, 2021. If you haven’t filed 2018 or 2019 either, they could still hold that money until you do so.

The Earned Income Tax Credit (EITC), which is refundable, is a key item giving rise to potential refunds for low- to moderate-income worker; it could be worth up to $6,318.

Thresholds in 2017 for EITC eligibility 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

There’s more information on the IRS website here.

Check your records, call your tax preparer*, and get those returns filed if you think you are eligible.

(*Cautionary note: Avoid any tax preparer who “guarantees” a refund, tries to base their fee on the refund, or requires that your refund must come to them directly instead of to your account.)