Thursday, March 20, 2008

Hello--Your Refund May Be Waiting

The Internal Revenue Service announced that over a billion dollars in unclaimed refunds for the 2004 tax year are about to be forfeited to the U. S. Treasury. The median refund is about $550 with the mean being almost $1,000. Taxpayers have three years to file to claim a refund; additionally, taxpayers eligible for the stimulus refund must also file a 2007 refund. Taxpayers which file the 2004 return but have yet to file 2005 or 2006 returns will have refund checks held until the later returns are filed. Refund checks will be reduced or not issued if the taxpayer is behind on prior taxes, federal student loans or child support. Finally, there are no penalties for filing late if a refund is due the taxpayer.

It would seem obvious that taxpayers would want their refunds. I guess some may not be aware while others must feel that the cost of interacting with the IRS outweighs the benefit of the refund.


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