Do you know anybody that hasn’t filled a 2014 tax return? According to the IRS, there is more than 1.1 billion in unclaimed tax refunds. The average refund owed is between 700 to 900 dollars. Here is the official list that identifies where the money is owed by state. Texas, followed by California and Florida, has by far the most number of individuals who have outstanding refunds just waiting to be claimed.
If any of your clients want a refund for 2014, they must file the return by April 17, 2018. In 2014 the maximum EITC available was $6,143 and the income thresholds 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 read more about it, Forbes.com has a comprehensive article here.
