Time is running out for Ohioans seeking 2017 tax refund

Time is running out for 48,700 Ohio residents to claim a federal tax refund in 2017.

Ohio and nationwide taxpayers have until May 17, this year’s tax filing deadline, to file a 2017 Form 1040 federal tax return and claim tax refunds of an estimated value. to $ 1.3 billion. The Internal Revenue Service says that about 1.3 million Americans are liable for money.

In Ohio, the median reimbursement available is $ 852, just below the national median of $ 865.

In cases where a federal income tax return has not been filed, the law gives most taxpayers a three-year window to request a tax refund. If they don’t file a tax return within three years, the money becomes the property of the federal government.

There can be several reasons why a person did not file a 2017 return, including the possibility that a worker did not earn enough money to require them to file a return. Yet the worker would have paid federal tax and be entitled to a refund on those earnings.

There is no penalty for filing a late return if the taxpayer owes money.

But the refund could be withheld if the taxpayer has not filed a tax return for 2018 or 2019. It could also be applied to any amount still owed to the IRS or a state tax agency or can be used for offset unpaid child support or past due federal debts, such as student loans.

Failure to file also means that many low- and middle-income workers are at risk of not claiming the earned income tax credit. For 2017, this credit was worth up to $ 6,318.

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@BizMarkWillilams


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