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Unclaimed Tax Refunds - Does the IRS Owe You Some Money?
You work hard for your money and every pay check you watch as the government funnels away some of it. Because I pay attention to just how much I lose every pay period, I was shocked to find out that there is over a billion dollars of unclaimed tax refunds sitting in a US Treasury account. The account I read, from 2008, stated that the total amount of unclaimed tax refunds was $1.2 B USD. That's a very large chunk of change that we are entitled to, and have chosen not to collect. Basically this amounts to the same thing as taking $500 (the median amount owed to taxpayers) and throwing it away. If you wouldn't do that than why are you not demanding the money that you have already earned? If you haven't filed your taxes in the last few years, don't worry. There is no penalty for filing late, unless you owe money. But we'll work on the assumption that you didn't file because you knew you were entitled to a return, but got busy. The deadline to file taxes is April 15th, and you can file returns for the previous four tax years. This means that if you haven't filed for income tax since 2002, you can receive any unclaimed tax rebates as far back as 2005. It is really not that difficult, as I stated there are numerous software programs to assist, and even if you are doing a traditional paper return as long as you follow instructions and use a calculator you should be fine. To complete your return(s) you can go to the Internal Revenue Service website at www.irs.gov and download the appropriate tax package. I found that the quickest way to navigate to the downloads was to type "tax packages" into the built-in search bar. While on the site, you can also request any missing forms that you require. Complete the return and submit it, within a month you will get a check. It's almost like found money. So far we have discussed how your tax refund can go unclaimed due to your not requesting it, but the majority of unclaimed funds are actually a result of the government being unable to contact you. If you are missing a refund and moved, that is likely the culprit. During the hurly-burly of moving, we have so much occupying us that letting the government know our new address is usually not a large priority. But a simple change of address form with the post office, or a call to the IRS directly can ensure that you do not lose out on your money. These "missed" payments happen so frequently that the government has had to create a specific website just to handle requests for refunds. Where is My Rebate (wheresmyrebate.com) allows tax payers to track their refund status and correct any information such as direct deposit, address, etc. To access the service you will need to have your social security number, the amount of your refund that you calculated and your marital status for the tax year in question. I hope that this has shown you how easy it will be to see if you are entitled to, and how to get any unclaimed tax refunds that you are owed. You don't really trust the government with your money do you? Robert Shaw writes insightful articles about unclaimed tax refunds and is an avid researcher on tax software reviews. Join the hundreds of satisfied taxpayers by visiting us now. Article Source:
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