Your 2014 refund is waiting for you. Luckily, the IRS allows you to claim your refund due to their convenient Statute of Limitations. However, you have three years from the original tax deadline date to claim your tax refund. With that in mind, if you wait three years after the filing deadline, your refund will expire. On top of that, if you fail to claim your refund, the IRS will collect it and you will no longer be entitled to your refund.
That sounds like a waste, doesn’t it? Read to find out what you need to do in order to claim your 2014 tax refund.
Can I still E-file?
You cannot e-file your tax return since April 15th, 2015 was the last day to e-file your 2014 tax return without an extension, and October 15th, 2015 was the last day to e-file with an extension.
Since the e-file deadline has passed, your 2014 tax return is now considered a prior year return. Due to this, the IRS requires you to paper file your return. This means that you must physically sign and mail your tax return. For the tax year 2014, here are some important deadline dates to remember.
- April 17th, 2018 is the last day to claim your 2014 refund.
- October 15th, 2018 is the last day to claim your 2014 refund if you filed an extension on April 15, 2015.
Before filing, you can figure your refund by using our 2014 Tax Calculator for an estimated refund amount.
I’m ready to file, now what?
First, ensure that you have the correct personal information that is displayed on your social security card for yourself and anyone else listed on your tax return. You will then need to organize all of your income statements whether it is earned or unearned income. Then, you will need to gather proof of your expenses. Keep in mind that documentation of your expenses is important, even if you aren’t itemizing your deductions. They must be qualified expenses and you will need receipts in case the IRS requests this information. Overall, here’s what you need to report on your tax return:
- W-2 (Wages, Tips, and Salaries)
- 1099-MISC (Self-Employment or Miscellaneous Income)
- Tax statements (summary)
- Schedule K-1 Forms 1065 or 1120 (Income from a partnership, small business or trust)
- W2G (Gambling winnings)
- 1099-C (Cancelled Debts)
- Cash payments etc.
- SSA-1099 (Social Security)
- RRB-1099 (Railroad Retirement Benefits)
- 1099-R (Retirement)
- 1099-G (Government Payments)
- 1099-INT (Interest)
- 1099-DIV (Dividends)
- 1099-B (Bonds)
- 1099-S (Stocks)
If you have lost or misplaced your W-2 statement, you will need to contact your employer. Otherwise, if you do not have access to any income statements, you can contact the IRS directly or visit the IRS website and request an IRS income transcript via mail or online.
Follow Three Easy Steps:
Generally, taxpayers go to an accountant to prepare their tax return. Although, with PriorTax you can finish a self-prepared return online within the comfort of your own home in as little as 10 minutes. Above all, you can avoid hefty fees and receive free basic tax advice, unlike other tax options. Follow these easy steps to claim your 2014 tax refund.
- Create an account or sign in with your username and password if you already have an account with PriorTax.
- Enter your basic information, income, deductions, credits and state information.
- Submit your account to us for us to prepare a PDF of your finalized tax return.
After you print, sign and mail your return, the IRS typically takes six to eight weeks to process your refund. Once the IRS and/or state accepts your return and approves your refund, they will mail your refund as a check via mail. We advise that you double-check that your mailing address is up to date.
If you have already filed a 2014 tax return and would like to make changes for additional expenses that could lead to a higher refund, you will need to file Form 1040X. Your amended 2014 return needs to be mailed by April 17, 2018, unless if you filed for an extension, whereas the deadline would be October 15th, 2018. PriorTax can help you prepare your 1040X even if you didn’t use our services last tax season.
Update: For extension filers, if you are subject to an extra refund as a result of your amended changes, you will need to contact the IRS for further information to determine if you will be able to receive your refund. Taxpayers have contacted the IRS to retrieve their income when they have postmarked their return on April 17, 2018, but have been told that it is past the deadline, due to falling after the three-year statute of limitations although it has been stated here.
Bottom line is, file before it’s too late.
April is right around the corner so mark the 17th on your calendars. Unless you want your refund to go to the IRS, we advise that you file now. PriorTax will help you get a move on your taxes within just 10 minutes so you can get your hands on your refund!