OK, the announcement has been made by the IRS; there is $917 Million in tax refunds due to people who Have NOT filed their 2009 tax return. These returns MUST be filed by April 15 of 2013 in order for you to get your refund.
This is a lot of money. This means there are hundreds of thousands, if not more, taxpayers who didn't file, but if they had they would have received a refund.
The IRS is not in the habit of making a big deal over these massive amounts of refunds each year, however they do make a legal announcement, and each year, hundreds of thousand of taxpayers don't file and the IRS keeps the money.
If you didn't file in 2009 and you believe that you may be due a refund, regardless of how much money you paid in with holding taxes, you may want to get the ball rolling and file 2009 back taxes.
--------
IRS Has $917 Million for People Who Have Not Filed a 2009 Income Tax Return
WASHINGTON — Refunds totaling just over $917 million may be waiting for an estimated 984,400 taxpayers who did not file a federal income tax return for 2009, the Internal Revenue Service announced today. However, to collect the money, a return for 2009 must be filed with the IRS no later than Monday, April 15, 2013.
The IRS estimates that half the potential refunds for 2009 are more than $500.
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 2009 returns, the window closes on April 15, 2013. 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 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.
