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26 THE QUEENS COURIER • MARCH 15, 2018 FOR BREAKING NEWS VISIT WWW.QNS.COM tax tips IRS has $60M in unclaimed refunds from New Yorkers in 2014: report Unclaimed federal income tax refunds totaling about $1.1 billion may be waiting for an estimated 1 million taxpayers nationwide who did not fi le a 2014 federal income tax return, according to the Internal Revenue Service. To collect the money, these taxpayers must fi le their 2014 tax return with the IRS no later than this year’s tax deadline, Tuesday, April 17. “We’re trying to connect a million people with their share of $1.1 billion in unclaimed refunds for 2014,” said Acting IRS Commissioner David Kautter. “Time is running out for people who haven’t fi led tax returns to claim their refunds. Students, part-time workers and many others may have overlooked fi ling for 2014. And there’s no penalty for fi ling a late return if you’re due a refund.” Th e IRS estimates the midpoint for the potential refunds for 2014 to be $847; half of the refunds are more than $847 and half are less. In New York, some 53,600 taxpayers have $60,135,600 in unclaimed tax refunds owed to them; that amounts to an average of $913 per person. In cases where a federal income tax return was not fi led, the law provides most taxpayers with a three-year window of opportunity for claiming a tax refund. If they do not fi le a tax return within three years, the money becomes the property of the U.S. Treasury. For 2014 tax returns, the window closes April 17, 2018. Th e law requires taxpayers to properly address, mail and ensure the tax return is postmarked by that date. Th e IRS reminds taxpayers seeking a 2014 tax refund that their checks may be held if they have not fi led tax returns for 2015 and 2016. In addition, the refund will be applied to any amounts still owed to the IRS or a state tax agency and may be used to off set unpaid child support or past due federal debts, such as student loans. By failing to fi le a tax return, people stand to lose more than just their 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. Th e EITC helps individuals and families whose incomes are below certain thresholds. Th e thresholds for 2014 were: $46,997 ($52,427 if married fi ling jointly) for those with three or more qualifying children; $43,756 ($49,186 if married fi ling jointly) for people with two qualifying children; $38,511 ($43,941 if married fi ling jointly) for those with one qualifying child, and; $14,590 ($20,020 if married fi ling jointly) for people without qualifying children. Current and prior year tax forms (such as the tax year 2014 Form 1040, 1040A and 1040EZ) and instructions are available on the IRS.gov Forms and Publications page or by calling toll-free 800-TAX-FORM (800-829-3676). Taxpayers who are missing Forms W-2, 1098, 1099 or 5498 for the years 2014, 2015 or 2016 should request copies from their employer, bank or other payer. Taxpayers who are unable to get missing forms from their employer or other payer can order a free wage and income transcript at IRS.gov using the Get Transcript Online tool. Alternatively, they can fi le Form 4506- T to request a wage and income transcript. A wage and income transcript shows data from information returns received by the IRS, such as Forms W-2, 1099, 1098, Form 5498, and IRA contribution Information. Taxpayers can use the information on the transcript to fi le their tax return. From the Internal Revenue Service Call Now & End Your Tax Nightmare! �� Co-Author of the best selling book “Breaking the Tax Code” �� Salvatore P. Candela, EA, ATA, ABA Enrolled Agent - Tax Advisor ��