Who wouldn’t like to use some extra money coming summer? Find out if IRS has some in store for you. If you have still not filed a return for the previous year and your return is due,its the ideal time for you to file for a refund. If your last year’s refund has been missed, you should contact IRS to confirm your current address.
What about unclaimed refunds?
There could be scenarios where there wouldn’t be a need to be filing for return, although taxes have been withheld, due to low income on the other hand there are also situaions where one is eligible for refunds eventhough no tax has been withheld. The latter is called refundable earned income tax credit.
If you want to collect this money, file a return within 3 years from the return due date., failing which the money will become an asset for the treasury of the government. No penatilities would be assessed for filing a delayed return that is eligible for a refund. You could see the IRS publication and Forms section for current and previous year tax forms. A detailed information on earned income tax credit is also available on the website.
Undeliverable Refunds- Exercise Caution:
In case you did not receive a refund that was due confirm if the address given to IRS is the right one and also do not forget to check with the U.S. postal service. IRS’s ‘Where is my refund?’ feature enables you to update your address online. If you do not have a proper access to internet, do contact your tax preparer and notify IRS regarding the issue.
