Are You Owed a Federal Income Tax Refund? | Ed Slott and Company, LLC

Are You Owed a Federal Income Tax Refund?

By Beverly DeVeny, IRA Technical Expert

Follow Me on Twitter: @BevIRAEdSlott

IRS has announced that an estimated 984,400 taxpayers who did not file a 2009 income tax return are owed over $917 million in refunds.

In order to collect your refund, you must file your 2009 federal income tax return by April 15, 2013. The average refund owed is over $500.

The link to the IRS article is here: http://www.irs.gov/uac/Newsroom/IRS-Has-$917-Million-for-People-Who-Have-Not-Filed-a-2009-Income-Tax-Return. If you have to type it into your browser, it is case specific.

IRS goes on to say that many of the refunds are owed to individuals who did not have enough income to require them to file a return but they had taxes withheld from wages or paid in estimated payments. They need to file a return to receive their refund. If no return is filed, the money goes to the federal government. There is NO penalty for filing a late return when there is a refund due.

A word of caution, though. The refund may be held if returns are not filed for 2010 or 2011, or if there are offsets for items such as child support or student loans.

Article Highlights:

  • IRS is holding over $917 million in 2009 income tax refunds
  • A 2009 tax return must be filed to claim the refund by April 15, 2013
  • There is no penalty for filing a late return to claim a refund

 

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