IRS Estimates 984,400 People Did NOT File Their 2009 Return - Did You?

Author: Keith Huggett 

The IRS is estimating that there are refunds totaling just over $917 million waiting for 984,400 people who did not file their 2009 federal tax return. In order to claim your refund you must file your return before April 15, 2013.  The IRS believes that over half of the refunds will total over $500.  If the money remains unclaimed, it becomes the property of the U.S. Treasury.

In order to receive your refund, however, you will need to be up to date for 2010 and 2011 also. The IRS will also apply your refund to any outstanding tax debt, unpaid child support or past due federal debts such as student loans, before sending it to you.

When you do not file a return, you stand to lose more than just a refund during 2009. In addition, you may have been eligible to claim 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.

In California alone, the number of unfiled returns with a potential refunds is 100,700 returns, totalling an estimated $92,590, excluding the EITC and other potential credits.  Now would be a great time to catch up on filing your unfiled back tax returns. Contact us today.