The Deadline for Claiming A Share of $760 Million Is Imminent!
The Internal Revenue Service is holding tax refunds totaling $760 million ready to be handed over to an estimated 918,600 taxpayers who did not file a federal income tax return for 2010.
However, the window is quickly closing to claim this money, which is for people who are owed a refund for tax year 2010 but have not filed a return for some reason. Many people have not filed because they did not earn enough money to require them to file even though they had money for taxes withheld from their pay.
By failing to file a tax return, taxpayers stand to lose more than just their refund of the taxes that were withheld or paid during 2010, the IRS pointed out. In addition, many low-and-moderate income workers may not have claimed the Earned Income Tax Credit. For 2010, the EITC is worth as much as $5,666. The EITC helps individuals and families whose incomes are below certain thresholds. The thresholds for 2010 were $43,352 ($48,362 if married filing jointly) for those with three or more qualifying children, $40,363 ($45,373 if married filing jointly) for people with two qualifying children, $35,535 ($40,545 if married filing jointly) for those with one qualifying child, and $13,460 ($18,470 if married filing jointly) for people without qualifying children.
The deadline for filing returns to collect the money is Tuesday, April 15, 2014. If you have questions or need assistance, contact a tax professional immediately.