I Could Have Gotten a Refund?

Nancy hasn’t filed taxes for the past 5 years because she didn’t make enough to be required to pay or she didn’t owe anything.  She just found out that she could have claimed a refund for several of those years.  She has no idea what to do, but she could sure use some extra cash.

Forbes magazine reported in March 2017, that the IRS had over $1 billion in unclaimed tax refunds!  YES, $1 billion!!  This is due to taxpayers not filing a federal income tax return.  Are you in this situation?

Nancy heard about this and is now wanting to know how to proceed to get these refunds.

The first thing Nancy needs to know is that the “Claim must be filed within 3 years from the time the return was filed or 2 years from the time the tax was paid, whichever of such periods expires the later, or if no return was filed by the taxpayer, within 2 years from the time the tax” payment date (IRC, Section 6511(a).  If the claim is filed outside of those limitations, the amount of the claim can be reduced.

Since Nancy has not filed a return, she could go back as far as the 2015 federal tax return as long as it is filed by the 2017 deadline, which is April 17, 2018.  She can go back to 2015 because the deadline was April 2016 and she is allowed 2 years.

If you find yourself in this situation, let us help.  Contact us at info@excerebus.com or 407-988-5647.

Categories: Tax Information

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