This mistake is costing taxpayers $1.4 billion in refunds

 

Not all taxpayers are required to submit a return. If your income is low enough, the IRS doesn’t mandate that you file one.

But that doesn’t mean it wouldn’t pay to submit a return nonetheless. If you do file a return, you might manage to make some money from it if you wind up eligible for refundable tax credits that pay you back, even when your tax liability would otherwise be $0.

In fact, it’s estimated that taxpayers are owed a whopping $1.4 billion in refunds from the 2016 filing season. The reason likely stems from the fact that filers who were eligible for valuable tax credits didn’t submit their 2015 returns, and as such, are currently running the risk that that money will be lost forever. If you were a lower earner back in 2015 and therefore didn’t file a tax return, now’s the time to revisit that situation — before it’s too late.

This mistake is costing taxpayers $1.4 billion in refunds

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