Terri's Deals of the Week

Recent posts
More
Find posts by keyword
Find posts by date

Print
Email
|

More than $1 billion tax dollars up for grabs

More than $1 billion tax dollars up for grabs

Credit: ASSOCIATED PRESS

by Terri Gruca

Bio | Email | Follow: @TerriG_KVUE

kvue.com

Posted on March 1, 2011 at 9:22 AM

The IRS may owe you money.

In fact there's more than $1.1 billion for people who did not file a federal income tax return for 2007. In order to collect it you have to file that return no later than Monday, April 18, 2011.

The IRS estimates that half of these potential 2007 refunds are $640 or more. And there is no penalty for filing a late return if you qualify for a refund.

In Texas the average return is $692 and it’s estimated 91,700 may be eligible.

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.

Many low-and-moderate income workers may not have claimed the Earned Income Tax Credit (EITC). The EITC helps individuals and families whose incomes are below certain thresholds, which in 2007 were $39,783 for those with two or more children, $35,241 for people with one child, and $14,590 for those with no children. For more information, visit the EITC Home Page.

For more information on how to file call 1-800-TAX-FORM.

Print
Email
|