Posts Tagged ‘unclaimed taxes’
Three years is a magic number when it comes to tax returns. It refers to the requirement in certain tax issues, such as when an audit may occur when you can claim a refund and when you can file tax returns amended. The IRS currently is holding the refunds to two million dollars in unclaimed taxes for fiscal year 2002, taxpayers must file their claims by April 17, 2006 or lose forever refunds.
Approximately 1.7 million people are due refunds of 2 billion dollars by the IRS. These people have refunds due because they failed to file tax returns for 2002. This probably occurred because people do not make enough money to warrant filing a tax return. Not present, however, has left $ 570 on average with the IRS.
If a taxpayer can not claim a tax refund by filing a tax return for 2002, the federal government default is money. What is important, there is no penalty for filing late if a taxpayer is due a tax refund. This is a common misconception among non-storage systems.
A group of taxpayers who almost always has a large percentage of storage is not military personnel. Obviously, it’s a little hard on the Afghanistan file, but now is the time to do it for 2002. The military could not be present in 2002 owed an average of $ 749 per taxpayer.
The IRS released population in the areas of the United States where they refunds. To do so, California and Texas are the states where more people are due refunds while Idaho has only 6,200 people due a refund.
No tax filing a prospectus is exciting. The pain is much less, however, you know you are due a refund. If unable to present in 2002, could be throwing a nice little piece of change.