Uncle Sam has a total of $23 million waiting to be claimed by an estimated 23,000 Missourians who did not file a tax return in 2014. The IRS says the average unclaimed Missouri refund that year is nearly $800.
Federal law provides most taxpayers with a three-year window of opportunity for claiming a tax refund. If a tax return is not filed within three years, the money becomes the property of the U.S. Treasury. To collect, taxpayers must file no later than April 17.
By failing to file a return, taxpayers stand to lose more than just a refund of taxes withheld or paid during 2014. Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit (EITC). For 2014, the credit was worth as much as $6,143. The EITC helps individuals and families whose incomes are below certain thresholds. According to the IRS, the thresholds for 2014 were:
• $46,997 ($52,427 if married filing jointly) for those with three or more qualifying children;
• $43,756 ($49,186 if married filing jointly) for people with two qualifying children;
• $38,511 ($43,941 if married filing jointly) for those with one qualifying child, and;
• $14,590 ($20,020 if married filing jointly) for people without qualifying children.
To get current and prior year tax forms, a free wage transcript and an income transcript, go to www.IRS.gov or call 1-800-TAX-FORM.