The IRS is urging anyone who didn’t file a tax return in 2009 to file this year, as the federal government is holding onto 917 million expiring tax refunds. $917 million is a lot of money and all of that money could go to the rightful owners, but only if those individuals file by April 15th of this year.
While most people won’t be holding out hope that they have 917 million in expiring tax refunds, many could be surprised at just how substantial the refunds average out to be. The IRS states that half of those 2009 refunds amount to more than $500. That means that you could have $500 or more coming to you this year, but only if you claim your expiring tax refunds.
How to Claim Expiring Tax Refunds
The only way to claim any money that may be coming to you is to file your taxes this year and an additional one for the year 2009. The IRS tends to hold onto refunds until a person files. The government can’t spend that money. Instead, it merely holds onto it and manages it until the rightful owner comes forward and files the appropriate tax paperwork. That’s why it might pay to go through your previous tax refunds and returns to make sure you didn’t skip the year 2009. If you did, you might have a nice check coming to you.
917 Million Expiring Tax Refunds – How Much Will You Collect?
File your expiring tax refunds by April 15th and the IRS will merely mail you the check in question or they will wire the money directly into your bank account, whichever you prefer. Make sure that when you attempt to claim your expiring tax refunds that you address the envelope correctly and that you mail and postmark the envelope by the 15th, as required by federal law.
Keep in mind that the money you attempt to collect may be withheld if you haven’t filed tax returns for 2010 and 2011 or if you have delinquent tax bills or overdue student loans.
You should also keep in mind that you might have a lot more coming to you than merely $500 in expiring tax refunds. The IRS claims that many low to moderate income families may not have claimed the Earned Income Credit, which can total as much as $5,657 for 2009. Check with your accountant or your tax software for details.
File today for 2009 and you may get a portion of 917 million expiring tax refunds. What a great end to tax season that would be.