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Liberty Tax

Does the IRS owe you money?

The IRS estimates that it owes over $23 million to taxpayers in the state of Missouri and time is running out fast for them to claim it.

According to the IRS, there are about 23,000 Missourians who have not yet filed a tax return for 2014 even though they would receive a tax refund if they did. Half of the potential refunds are over $796.

Taxpayers need to act quickly, though; the deadline to file a 2014 tax return is this year’s tax deadline of April 17th. After that, any refund due will be turned over to the U.S. Treasury.

Taxpayers who owe the IRS or the state may find their refund used to pay off those debts; however, if they don’t file the tax return, the debt will not be reduced.

Taxpayers who are due a 2014 refund, but have not filed their 2015 or 2016 returns, may have their refund held up until those other past years’ returns are filed. But as long as taxpayers file the 2014 return in time, their refund will not be turned over to the U.S. Treasury. It will sit waiting until they file those other returns.

If you no longer have W-2s or other tax documents necessary to complete your 2014 tax return, a Wage & Income transcript can be obtained that will contain sufficient information to complete your tax return.

My suggestion – don’t let the IRS keep your money.