Unclaimed Tax Refunds: Do You Have A Refund Waiting For You?

The IRS estimates 1.3 million taxpayers who neglected to file a 2004 return are eligible for refunds, but that they had better act soon. The deadline for claiming a refund for that tax year is April 15 this year, and you must file a return to get a refund.

There is no penalty for filing a late return if you have a refund coming to you, the IRS said.

You’d think that taxpayers who face big tax bills are the ones who don’t file returns, but that’s not always the case. For instance, workers whose incomes fall below the filing threshold may decide to not file, said Michelle Lamishaw, an IRS spokeswoman.

“Maybe (the refund) didn’t seem like a lot of money to them, or it seemed like too much bother to file, or they didn’t have the right paperwork. Sometimes they may anticipate they wouldn’t get a refund, so why bother, but sometimes they’re wrong about that,” Lamishaw said.

“There are a lot of reasons why people don’t file, but it can add up to serious money for some people,” she said.

The article goes on to note that it is especially important for people to file a return this year for 2007 taxes as they won’t be eligible for the tax rebate stimulus package unless they do. So get crackin!

LINKS:
MSN Money: IRS has $1.2 billion in unclaimed tax refunds
IRS Has $1.2 Billion for People Who Have Not Filed a 2004 Tax Return

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Tagged as: rebate, stimulus, Taxes

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