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.