Monday, February 27, 2012

IRS Has $1 Billion for People Who Have Not Filed a 2008 Income Tax Return

Haven't Filed a Tax Return in Years? 


Refunds totaling more than $1 billion may be waiting for one million people who did not file a federal income tax return for 2008, the Internal Revenue Service announced today. However, to collect the money, a return for 2008 must be filed with the IRS no later than Tuesday, April 17, 2012.

The IRS estimates that half of these potential 2008 refunds are $637 or more.

Some people may not have filed because they had too little income to require filing a tax return even though they had taxes withheld from their wages or made quarterly estimated payments. 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.

For 2008 returns, the window closes on April 17, 2012. The law requires that the return be properly addressed, mailed and postmarked by that date. There is no penalty for filing a late return qualifying for a refund.

The IRS reminds taxpayers seeking a 2008 refund that their checks may be held if they have not filed tax returns for 2009 and 2010. In addition, the refund will be applied to any amounts still owed to the IRS, and may be used to offset unpaid child support or past due federal debts such as student loans.

By failing to file a return, people stand to lose more than refunds of taxes withheld or paid during 2008. Some people, especially those who did not receive an economic stimulus payment in 2008, may qualify for the Recovery Rebate Credit. In addition, many low-and moderate-income workers may not have claimed the Earned Income Tax Credit (EITC). The EITC helps individuals and families whose incomes are below certain thresholds. The thresholds for 2008 were:
  • $38,646 ($41,646 if married filing jointly) for those with two or more qualifying children,
  • $33,995 ($36,995 if married filing jointly) for people with one qualifying child, and
  • $12,880 ($15,880 if married filing jointly) for those with no qualifying children.
Still need to file a tax return for a previous year? Call us today. We can help you file your return and avoid additional fines and penalties.

Security Tax Services LLC

North Sound                                       South Sound
2802 Wetmore Ave, Suite 212           33530 1st Way S, Suite 102
Everett, WA 98201                             Federal Way, WA 98003
425.339.2400                                     253.237.0751
fax 425.259.1099                               fax 253.237.0701




Individuals Who Did Not File a 2008 Return with a Potential Refund 
State Individuals Median
Potential
Refund
Total
Potential
Refunds ($000)*

Alabama
18,400 $641 $15,738

Alaska
5,800 $641 $5,952

Arizona
29,000 $558 $24,913

Arkansas
9,600 $620 $8,152

California
122,500 $595 $112,201

Colorado
20,500 $589 $18,909

Connecticut
12,500 $697 $13,893

Delaware
4,200 $644 $3,784

District of Columbia
4,000 $642 $3,791

Florida
70,400 $650 $66,974

Georgia
35,800 $581 $30,661

Hawaii
7,600 $714 $8,307

Idaho
4,700 $541 $3,878

Illinois
40,800 $692 $40,712

Indiana
21,800 $664 $19,590

Iowa
10,600 $658 $9,295

Kansas
11,500 $631 $10,084

Kentucky
12,300 $640 $10,501

Louisiana
20,500 $662 $18,859

Maine
4,000 $579 $3,248

Maryland
24,600 $641 $22,591

Massachusetts
23,900 $699 $22,957

Michigan
33,300 $660 $30,903

Minnesota
15,200 $584 $12,772

Mississippi
9,900 $591 $8,254

Missouri
21,600 $593 $18,213

Montana
3,600 $599 $3,192

Nebraska
5,100 $623 $4,371

Nevada
14,500 $619 $13,381

New Hampshire
4,300 $733 $4,518

New Jersey
31,300 $716 $31,185

New Mexico
8,000 $611 $7,420

New York
60,300 $686 $61,240

North Carolina
30,800 $558 $24,997

North Dakota
2,000 $625 $1,895

Ohio
36,400 $622 $31,018

Oklahoma
16,800 $620 $14,787

Oregon
18,500 $527 $14,819

Pennsylvania
38,700 $695 $35,565

Rhode Island
3,400 $674 $3,040

South Carolina
12,200 $547 $10,158

South Dakota
2,300 $669 $2,234

Tennessee
18,400 $626 $16,130

Texas
96,200 $689 $97,057

Utah
7,800 $536 $6,676

Vermont
1,700 $647 $1,410

Virginia
30,800 $624 $28,670

Washington
29,900 $705 $32,138

West Virginia
4,300 $687 $4,068

Wisconsin
14,100 $592 $11,885

Wyoming
2,600 $773 $2,919
Grand Total 1,089,000 $637 $1,009,905

*Excluding the Earned Income Tax Credit and other credits. 




Current and prior year tax forms and instructions are available on the Forms and Publications page of IRS.gov or by calling toll-free 800-TAX-FORM (800-829-3676). Taxpayers who are missing Forms W-2, 1098, 1099 or 5498 for 2008, 2009 or 2010 should request copies from their employer, bank or other payer. If these efforts are unsuccessful, taxpayers can get a free transcript showing information from these year-end documents by ordering it on IRS.gov, filing Form 4506-T, or by calling 800-908-9946.

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