March 15, 2018 3:21 am

$1.1 billion in 2014 Refunds Waiting to Be Claimed

Time is running out for taxpayers who are owed refunds for 2014 to claim them. They must file a 2014 income tax return no later than April 17, 2018, in order to obtain a refund. The IRS points out that many low- and moderate-income workers may be eligible for the Earned Income Tax Credit (EITC) worth as much as $6,143, which is a refundable tax credit (payable in excess of any tax liability). But these workers can’t receive a refund for the credit unless they file a tax return; the IRS won’t simply send out refund checks to eligible taxpayers.

Tax forms and schedules for 2014 can be obtained through the IRS website (https://www.irs.gov/forms-pubs/prior-year). Those who need W-2s for that year should contact their employers. Those unable to get missing W-2s and other information returns can order a free wage and income transcript from the IRS using the Get Transcript Online Tool (https://www.irs.gov/individuals/get-transcript) or file Form 4506-T with the IRS.

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Tax Glossary

Foreign tax credit

A credit for income taxes paid to a foreign country or U.S. possession. 401(k) plan. A deferred pay plan, authorized by Section 401(k) of the Internal Revenue Code, under which a percentage of an employee’s salary is withheld and placed in a savings account or the company’s profit-sharing plan. Income accumulates on the deferred amount until withdrawn by the employee at age 59?

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