Each year the unclaimed tax refunds due to Americans, is mounting for various reasons. Some people do not file returns because they don’t owe taxes. However, without documentation, these folks won’t get any due to refunds either. The IRS does not send refunds until a Form 1040 (or 1040A or 1040EZ) is filed with them that details just how big the government’s check should be.
Other taxpayers have income tax withheld but did not file return because they earned too little. However, the only way to get the withheld money back is to file a return.
A taxpayer has three years time after they were supposed to file their tax return to claim their refund. To get this refund, they have to file the federal or state tax return forms that they previously failed to file. Since the tax laws’ change from year to year, looking forward to reclaiming the unclaimed tax refund, the taxpayer must use a tax form for the year they missed. By visiting the website of the Internal Revenue Service (IRS) at http://www.irs.gov, you can however find and download old federal tax forms.
It is estimated that hundreds to thousands of individuals each year fail to file tax returns which would otherwise be resulting in them receiving a refund. Unclaimed tax refunds often result as a busy taxpayer who is expecting a tax refund puts off sending in the tax forms until it is completely forgotten.
Almost 300,000 tax rebate checks worth an average of $322 apiece are languishing at the Internal Revenue Service Department, waiting for taxpayers to claim them. Checks were returned undelivered from all 50 states and the territories of Guam, Puerto Rico and the Virgin Islands.
The checks from this year’s big tax cut came back to the IRS and in most cases because they could not be mailed to the proper taxpayer. That occurs commonly when taxpayers move to a new address or change. It is therefore very important to update your address with the IRS when you move. This can be done easily by downloading IRS form 8822, the change of address form for the IRS. Update, and act now before your money is forever known as, one of the many, unclaimed tax refunds due to Americans.