The IRS is reminding more than 1 million taxpayers that time is running out to file a 2014 tax return and claim refunds totaling more than $1 billion.
The IRS estimates that 12,000 South Carolina taxpayers could be eligible. With a median potential refund of $757, the amount of total potential refunds is calculated to be $12,023,400. To claim any refund, taxpayers must file their 2014 Federal tax return by April 17, 2018. There is no penalty for filing a late return for those receiving refunds. Tax returns must be filed within three years to claim a refund. Otherwise, the money becomes the property of the U.S. Treasury.
The IRS estimates the national median potential 2014 refund was $847. Without filing a tax return, many low- and moderate-income workers may not be eligible for the Earned Income Tax Credit. The 2014 credit was worth as much as $6,143.
Because software is no longer available for tax year 2014, prior year tax forms (such as 2014 Form 1040, 1040A and 1040EZ) and instructions are available to be printed from the Prior Year Forms and Instructions page on IRS.gov or ordered by calling 800-TAX-FORM (800-829-3676). The law requires taxpayers to properly address, mail and ensure the tax return is postmarked by the tax filing deadline of Tuesday, April 17.
The Get Transcript Online tool at IRS.gov can help retrieve tax forms from employers if the taxpayer is unable to find their documents from 2014-2016.
The IRS reminds taxpayers seeking a 2014 refund that it may be held if they have not filed returns for 2015 and 2016. Any refund will be applied to amounts owed to the IRS or a state tax agency and may be used to offset unpaid child support or past due federal debts, such as student loans.