- Days left

$1.1 Billion in Unclaimed Tax Refunds -- Could Some Be Yours?

Unclaimed government moneyThe IRS has announced that there is $1.1 billion in previous unclaimed tax refunds waiting for nearly 1.1 million people who did not file a federal income tax return for 2007. The IRS estimates that half of these potential 2007 refunds amount to at least $640.To get your money, you have to be proactive. The IRS won't send you a tax refund if you haven't filed a federal income tax return. Many taxpayers may not realize that they might qualify for a refund because they erroneously believe that they did not make enough money. However, some taxpayers may be eligible for refundable credits.

A popular -- but still underutilized -- refundable credit is 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.

Other credits may also apply, such as the Making Work Pay Credit. The Making Work Pay Credit offers a flat credit of up to $400 for individual taxpayers and up to $800 for taxpayers who are married but filing jointly.

Refunds may also be due to taxpayers who might have too much withholding. This can happen when taxpayers claim too few exemptions on their form W-9. Form W-9 can be particularly confusing for taxpayers with more than one job or for married couples who both work.

If you're not sure whether you would be eligible for a refund, consider filing a return. If it turns out that you're due a refund, there's no penalty for filing late. Of course, remember that your 2007 refund will be held if you have not filed federal income tax returns for 2008 and 2009. Your refund may also be held if you're subject to offset for unpaid taxes, child support or federal debts.

The last day to file and receive a refund for 2007 is April 18, 2011. After that date, any unclaimed money will be returned to the U.S. Treasury.

Increase your money and finance knowledge from home

How to Avoid Financial Scams

Avoid getting duped by financial scams.

View Course »

Basics Of The Stock Market

Stock Market 101 - everything you need to know but were afraid to ask!

View Course »

TurboTax Articles

Rental Property Deductions You Can Take at Tax Time

Rental property often offers larger deductions and tax benefits than most investments. Many of these are overlooked by landlords at tax time. This can make a difference in making a profit or losing money on your real estate venture. If you own a rental property, the IRS allows you to deduct expenses you pay for the upkeep and maintenance of the property, conserving and managing the property, and other expenses deemed necessary and associated with property rental.

Add a Comment

*0 / 3000 Character Maximum

1 Comment

Filter by:
Robert Wheeler

"The funny thing about MONEY is...
when it’s owed to you,
NOBODY’S gonna call you when THEY have IT!!” (anonymous)
WELL, I just did!!
PLEASE allow me to search the databases for YOU.
Enter your name and your state on my email...
refund-finders@hotmail.com
you just never know what I may find for YOU!!!

July 01 2013 at 6:28 PM Report abuse rate up rate down Reply