Have you put off filing you 2009 tax return because you’re too busy and figure you’re owed a refund so there won’t be a penalty? If so, you need to file soon or miss out on the funds due to you. The IRS announced refunds totaling just over $917 million may be waiting for an estimated 984,400 taxpayers who did not file a federal income tax return for 2009. The IRS estimates that half the potential refunds for 2009 are more than $500. To collect the money, a return for 2009 must be filed with the IRS no later than Monday, April 15, 2013.
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.
By failing to file a return, people stand to lose more than refund of taxes withheld or paid during 2009. In addition, many low-and-moderate income workers may not have claimed the Earned Income Tax Credit (EITC). For 2009, the credit is worth as much as $5,657. The EITC helps individuals and families whose incomes are below certain thresholds. The thresholds for 2009 were:
- $43,279 ($48,279 if married filing jointly) for those with three or more qualifying children,
- $40,295 ($45,295 if married filing jointly) for people with two qualifying children,
- $35,463 ($40,463 if married filing jointly) for those with one qualifying child, and
- $13,440 ($18,440 if married filing jointly) for people without qualifying children.
For more information, visit the EITC Home Page.
The IRS reminds taxpayers seeking a 2009 refund that their checks may be held if they have not filed tax returns for 2010 and 2011. In addition, the refund will be applied to any amounts still owed to the IRS or their state tax agency, and may be used to offset unpaid child support or past due federal debts such as student loans.
If you haven’t filed your 2009 tax return yet, contact your CPA right away. Need a referral? Call my office and we’ll help you find someone to prepare your return.
Candy
