Timely tax tip

TIMELY TIP: "About 1 million [American] taxpayers who did not file a 2014 federal income tax return have unclaimed tax refunds totaling about $1.1 billion. "To collect the money, taxpayers must file their 2014 tax return with the IRS no later than this year's tax deadline, Tuesday, April 17. "The IRS estimates that half of the refunds are more than $847.
"When a taxpayer who is getting a refund does not file a return, the law gives them three years to claim that tax refund. If the taxpayer does not file a tax return within three years, the money goes back to the U.S. Treasury. For 2014 tax returns, the three-year window closes April 17, 2018.
"By failing to file a tax return, people stand to lose more than just their tax refund. Many low- and moderate-income workers may be eligible for the earned income tax credit. For 2014, the credit was worth as much as $6,143.
"Current and prior year tax forms are available on the IRS.gov Forms, Instructions and Publications page or by calling toll-free 800-TAX-FORM."