$917 Million Tax Refunds Available: IRS Says 1 Million Taxpayers Failed to Claim Refunds that Expire April 15, 2013
The IRS said it has more than $917 million in refunds that have not been claimed and if taxpayers don't claim them before April 15, the money will become property of the U.S. Treasury.
Nearly 1 million taxpayers have not yet claimed a federal income tax return for 2009, the IRS and in order to collect the $917 million they must file their returns for that year no later than April 15.
The IRS estimates that half the potential refunds for that year are more than $500.
"Some people may have not filed because they had too little income to require filing a tax return even though they had taxes withheld from their wages or made quarterly estimated payments," the IRS said in a statement. However it explained that those who file a late return qualifying for a refund, are not penalized.
How to File 2009 Taxes to the IRS? (irs.gov)
The IRS reminds taxpayers seeking a 2009 refund that their checks may be held if they have not filed tax returns for 2010 and 2011. In addition, the refund will be applied to any amounts still owed to the IRS or their state tax agency, and may be used to offset unpaid child support or past due federal debts such as student loans.By failing to file a return, people stand to lose more than refund of taxes withheld or paid during 2009.
In addition, many low-and-moderate income workers may not have claimed the Earned Income Tax Credit (EITC). For 2009, the credit is worth as much as $5,657. The EITC helps individuals and families whose incomes are below certain thresholds.
The thresholds for 2009 were:
$43,279 ($48,279 if married filing jointly) for those with three or more qualifying children,
$40,295 ($45,295 if married filing jointly) for people with two qualifying children,
$35,463 ($40,463 if married filing jointly) for those with one qualifying child, and
$13,440 ($18,440 if married filing jointly) for people without qualifying children.
For more information, visit the EITC Home Page.Current and prior year tax forms and instructions are available on the Forms and Publications page of IRS.gov. Taxpayers can also call 800-TAX-FORM (800-829-3676). For those who are missing Forms W-2, 1098, 1099 or 5498 for 2009, 2010 or 2011 should request copies from their employer, bank or other payer.
© 2025 Enstarz.com All rights reserved. Do not reproduce without permission.