ABA Tax Accounting – Refunds totaling more than $1 billion may be waiting for one million
people who did not file a federal income tax return for 2008, the Internal
Revenue Service announced. However, to collect the money, a return for 2008
must be filed with the IRS no later than Tuesday, April 17, 2012.
The IRS estimates that half of these potential 2008
refunds are $637 or more.
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.
For 2008 returns, the window closes on April 17,
2012. The law requires that the return be properly addressed, mailed and
postmarked by that date. There is no penalty for filing a late return
qualifying for a refund.
The IRS reminds taxpayers seeking a 2008 refund that
their checks may be held if they have not filed tax returns for 2009 and 2010.
In addition, the refund will be applied to any amounts still owed to the IRS,
and may be used to offset unpaid child support or past due federal debts such
as student loans.
By failing to file a return, people stand to lose
more than refunds of taxes withheld or paid during 2008. Some people,
especially those who did not receive an economic stimulus payment in 2008, may
qualify for the Recovery Rebate Credit. In addition, 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. The thresholds for 2008 were:
$38,646 ($41,646 if married filing jointly) for
those with two or more qualifying children,
$33,995 ($36,995 if married filing jointly) for
people with one qualifying child, and
$12,880 ($15,880 if married filing jointly) for
those with no qualifying children.
If you feel you may have had a refund coming in
these years please feel free to contact us. ABA Tax
Accounting
Abatax81@gmail.com
Direct 612-282-3200
Toll free 866-936-0430
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