IRS holding $1.4B in 2015 returns

Are you one of the millions owed $1.4 billion by the IRS?

Did you know you have a three-year window of opportunity to claim a refund?

It’s true. Right now, there are an estimated 39,700 people in Michigan who have unclaimed money from the IRS from tax year 2015.

And, there is no penalty from the IRS for filing a late return if you’re owed a refund.

How you can get a piece of that $1.4B

The IRS recently released an article stating that they were trying to connect with over a million people to divvy up over $1.4 billion in potential return money from the 2015 tax filing year.

In order to receive a refund check from 2015, taxpayers must file their 2015 tax returns no later than this year’s tax deadline, Monday, April 15. The law requires taxpayers to properly address, mail and ensure the tax return is postmarked by that deadline.

“We’re trying to connect over a million people with their share of $1.4 billion in potentially unclaimed refunds for 2015,” said IRS Commissioner Charles Rettig. “Students, part-time workers and many others may have overlooked filing for 2015.”

Are there any catches attached to the 2015 checks?

The IRS is quick to point out that the 2015 refund check may be held if:

  1. The named taxpayer has not filed tax returns for 2016 and 2017.
    You owe the IRS.
  2. The refund will be applied to any amounts still owed to the IRS or a state tax agency. If you have any federal debt.
  3. The refund may be used to offset unpaid child support or past due federal debts, such as student loans.

On a positive note, many low- and moderate-income workers may be eligible for the Earned Income Tax Credit (EITC). For 2015, the credit was worth as much as $6,242. The EITC helps individuals and families whose incomes are below certain thresholds.

It might be cutting it close, but call a Morgan & Associates CPA today if you need any last-minute help filing a return for 2015.