BLOG » IRS: Over $1 Billion In Unclaimed Refunds

February 23rd, 2012 at 3:14 pm — By R&G Brenner
pinit fg en rect gray 20 IRS: Over $1 Billion In Unclaimed Refunds

cash money IRS: Over $1 Billion In Unclaimed Refunds

Did You File a 2008 Tax Return?

Refunds totaling more than $1 billion may be waiting for one million people who did not file a federal income tax return for 2008, the Internal Revenue Service announced today. However, to collect the money, a return for 2008 must be filed with the IRS no later than Tuesday, April 17, 2012.

The IRS estimates that half of these potential 2008 refunds are $637 or more.

Some people may not have 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. In cases where a return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund. If no return is filed to claim a refund within three years, the money becomes property of the U.S. Treasury.

For 2008 returns, the window closes on April 17, 2012. The law requires that the return be properly addressed, mailed and postmarked by that date. There is no penalty for filing a late return qualifying for a refund.

The IRS reminds taxpayers seeking a 2008 refund that their checks may be held if they have not filed tax returns for 2009 and 2010. In addition, the refund will be applied to any amounts still owed to the IRS, 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 refunds of taxes withheld or paid during 2008. Some people, especially those who did not receive an economic stimulus payment in 2008, may qualify for the Recovery Rebate Credit. In addition, many low-and moderate-income workers may not have claimed the Earned Income Tax Credit (EITC). The EITC helps individuals and families whose incomes are below certain thresholds. The thresholds for 2008 were:

  • $38,646 ($41,646 if married filing jointly) for those with two or more qualifying children,
  • $33,995 ($36,995 if married filing jointly) for people with one qualifying child, and
  • $12,880 ($15,880 if married filing jointly) for those with no qualifying children.

For more information, visit the EITC Home Page on IRS.gov.

Current and prior year tax forms and instructions are available here or by calling toll-free 800-TAX-FORM (800-829-3676). Taxpayers who are missing Forms W-2, 1098, 1099 or 5498 for 2008, 2009 or 2010 should request copies from their employer, bank or other payer. If these efforts are unsuccessful, taxpayers can get a free transcript showing information from these year-end documents by ordering it on IRS.gov, filing Form 4506-T, or by calling 800-908-9946.

Individuals Who Did Not File a 2008 Return with a Potential Refund 

State

Individuals

Median

Potential

Refund

Total

Potential

Refunds ($000)*

 

Alabama

18,400

$641

$15,738

 

Alaska

5,800

$641

$5,952

 

Arizona

29,000

$558

$24,913

 

Arkansas

9,600

$620

$8,152

 

California

122,500

$595

$112,201

 

Colorado

20,500

$589

$18,909

 

Connecticut

12,500

$697

$13,893

 

Delaware

4,200

$644

$3,784

 

District of Columbia

4,000

$642

$3,791

 

Florida

70,400

$650

$66,974

 

Georgia

35,800

$581

$30,661

 

Hawaii

7,600

$714

$8,307

 

Idaho

4,700

$541

$3,878

 

Illinois

40,800

$692

$40,712

 

Indiana

21,800

$664

$19,590

 

Iowa

10,600

$658

$9,295

 

Kansas

11,500

$631

$10,084

 

Kentucky

12,300

$640

$10,501

 

Louisiana

20,500

$662

$18,859

 

Maine

4,000

$579

$3,248

 

Maryland

24,600

$641

$22,591

 

Massachusetts

23,900

$699

$22,957

 

Michigan

33,300

$660

$30,903

 

Minnesota

15,200

$584

$12,772

 

Mississippi

9,900

$591

$8,254

 

Missouri

21,600

$593

$18,213

 

Montana

3,600

$599

$3,192

 

Nebraska

5,100

$623

$4,371

 

Nevada

14,500

$619

$13,381

 

New Hampshire

4,300

$733

$4,518

 

New Jersey

31,300

$716

$31,185

 

New Mexico

8,000

$611

$7,420

 

New York

60,300

$686

$61,240

 

North Carolina

30,800

$558

$24,997

 

North Dakota

2,000

$625

$1,895

 

Ohio

36,400

$622

$31,018

 

Oklahoma

16,800

$620

$14,787

 

Oregon

18,500

$527

$14,819

 

Pennsylvania

38,700

$695

$35,565

 

Rhode Island

3,400

$674

$3,040

 

South Carolina

12,200

$547

$10,158

 

South Dakota

2,300

$669

$2,234

 

Tennessee

18,400

$626

$16,130

 

Texas

96,200

$689

$97,057

 

Utah

7,800

$536

$6,676

 

Vermont

1,700

$647

$1,410

 

Virginia

30,800

$624

$28,670

 

Washington

29,900

$705

$32,138

 

West Virginia

4,300

$687

$4,068

 

Wisconsin

14,100

$592

$11,885

 

Wyoming

2,600

$773

$2,919

Grand Total

1,089,000

$637

$1,009,905

*Excluding the Earned Income Tax Credit and other credits.

Source: IRS.gov

Category: Tax & Financial News | Tags: , , , , , One comment »

Back to top