Home Members Tools Credit Cards
   

  • IRS: Over $1 Billion Owed to 1 Million Taxpayers for 2008

    While your working on your taxes over the next few months, it may be a good idea to check and be sure that you filed your 2008 tax return.

    The Internal Revenue Service announced on Thursday that it has over one billion dollars in unclaimed tax refunds for the tax year 2008, and says the deadline for claiming these forgotten funds is April 17, 2012. (This yearís tax deadline is two days later than usual because the 15th falls on a Sunday and the 16th is a holiday observed in Washington.)

    For the approximately one million people who didnít get a refund because they did not file their 2008 taxes, the IRS estimates that half of these potential refunds are $637 or more. Many of these people may not have filed a return because they had too little income to be required to file, but are due a refund because they had taxes taken out of their paychecks or they overpaid through their quarterly estimated tax payments. These estimates do not include additional money that citizens may qualify for through the Earned Income Credit and other credits.

    The law provides most taxpayers with a three year window to claim refunds for previous tax years, after which the window closes and the funds become property of the U.S. Treasury. The tax return must be properly addressed, mailed, and postmarked by the tax deadline. The IRS also reminds taxpayers that there is no penalty for filing a late tax return if the return qualifies for a refund.

    The IRS noted that they may hold the checks of taxpayers seeking their 2008 refunds if the taxpayer has not filed their returns for 2009 and 2010. They also note that the refund can be held and applied to amounts still owed to the IRS for taxes, or for unpaid child support or past due federal debts such as student loans.

    Of all the states the most money is owed to residents of California - a total of $112,201 to 122,500 people. Texas comes in at a close second with over $97,000 owed to approximately 96,000 people. Vermont, North Dakota, and South Dakota each had the fewest who were due an unclaimed tax return, with around $2,000 owed to approximately 2,000 people per state.


    Source:
    Internal Revenue Service
  • Disclaimer

    Information in these articles is brought to you by Finance Globe. Banks, issuers, credit card, and other companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles and is further subject to our terms and conditions.
  • Recent Headlines and Articles

    ChrisB

    Car Loan Questions: Whatís on your Mind?

    It does not matter if you are buying a new or used vehicle, you have two options when it comes to finalizing the transaction. Make the purchase in full with cash, or opt for a car loan that you can payoff... read more
    ChrisB October 30th, 2014, 09:07 AM
    ChrisB

    What are your Retirement Goals? You Should Know the Answer

    Most people say they want to retire by a particular age, such as 62, and automatically assume that this is good enough. However, many realize after some time that they are not on track to do so.

    One of the best ways... read more
    ChrisB October 29th, 2014, 09:13 AM
    ChrisB

    3 Big Benefits of a Money Market Account

    Money market accounts are a popular choice among those who are looking to save money without taking any risk. From local financial institutions to online banks, opening one of these... read more
    ChrisB October 28th, 2014, 09:02 AM
    ChrisB

    3 529 Savings Plan Mistakes to Avoid

    With the cost of college on a rise, a growing number of parents are researching the pros and cons of a 529 savings plan. This allows you to save money for your childís college, all in an account that is not subject to federal income... read more
    ChrisB October 27th, 2014, 09:41 AM
    ChrisB

    Overlooked Benefits of Online Banking

    Many years ago, nobody would have given online banking a second thought. In todayís world, with so much advanced technology, this is something millions of people have fallen in love... read more
    ChrisB October 23rd, 2014, 09:20 AM
    ChrisB

    3 Alternatives to Traditional Retirement Saving

    When it comes to saving for retirement, you know one thing to be true: more is always better. While this may be the case, some people donít have enough time or earn enough money to reach their goals.
    ... read more
    ChrisB October 22nd, 2014, 09:27 AM
    ChrisB

    5 Ways to Save More for Retirement

    Is retirement age closing in on you in a hurry? Are you worried that you donít have enough money to hang up your work boots for good? If you find yourself in this position, you can take comfort in knowing that you are not alone.... read more
    ChrisB October 21st, 2014, 08:38 AM
    ChrisB

    The Cost of Upgrading your Companyís Technology

    As a small business owner, you likely understand the importance of technology. Some companies are ahead of the times, while others are lagging behind and looking for a way to catch up.

    If you feel that now... read more
    ChrisB October 20th, 2014, 09:53 AM
  • Recent Article Comments

    Wanderer

    What are your Retirement Goals? You Should Know the Answer

    As a retiree I can say finding ways to set aside money and survive life's many ups and downs is a... Go to last post

    Wanderer October 30th, 2014 03:37 AM
    Wanderer

    Overlooked Benefits of Online Banking

    Took me a long time to buy into online banking. The benefits of availability coupled with much... Go to last post

    Wanderer October 24th, 2014 03:05 AM

 

 

 

Credit Cards | Finance Social Network | Credit Card Reviews | Markets
About Us | FG on the Web | Sitemap | Privacy | Terms | Contact


Copyright © 2014 Finance Globe. All rights reserved.