The IRS has over $917 million in unclaimed refunds from 2009. According to the IRS, an estimated 984,400 taxpayers did not file their tax return in 2009. Taxpayers who did not file that year can file their 2009 tax return along with this year to claim their refund or have their refund added to their taxes owed.
If taxpayers want to claim their refund, they have three years time to claim their refund. After the expiration, the tax refund is considered forfeited and becomes property of the U.S. Treasury.
The April 15th deadline gives taxpayers little time to claim their 2009 tax refunds. Make sure there are no errors on the return because there is little time left to amend before the April 15th deadline.
There will not be a penalty for filing late if the return qualifies for a refund. Those taxpayers who haven't filed their tax returns for 2010 and 2011 along with 2009 may need to hire the help of tax professionals to resolve their tax debt. If a taxpayer owes for past years, apart from 2009, it is stressed that they hire professional help.
It is best to hire outside help if a tax debt is substantial and cannot be paid in full. The IRS will apply any refunds to any tax debt amounts owed if a taxpayer qualifies for a refund from past years.
Consult a tax preparer or a tax professional before filing a 2009 tax return to claim a refund, but make sure that there aren't any taxes owed before contacting the IRS about a refund from past years.
Labels: Back Taxes, IRS, IRS Extension, Tax Filing, Tax News, Tax Refunds, Taxpayers