American Taxpayers About to Lose Nearly $1 Billion

American Taxpayers About to Lose Nearly $1 Billion Photo (cc) by twodolla

Did you file a tax return for 2009? If not, you may be flushing cash down the toilet. After this year’s tax deadline Uncle Sam gets to keep that year’s unclaimed refunds

Refunds totaling just over $917 million may be waiting for an estimated 984,400 taxpayers who didn’t file a federal income tax return for 2009, the Internal Revenue Service announced today. However, to collect the money, a return for 2009 must be filed with the IRS no later than Monday, April 15, 2013.

The average unclaimed refund is over $500, and over $600 in some states. If you didn’t file because you thought your income was too low or because you made quarterly estimated payments, it could be worth your time to check. Make sure to claim the Earned Income Tax Credit if you qualified. Here are the thresholds…

  • $43,279 ($48,279 if married filing jointly) for those with 3+ qualifying children
  • $40,295 ($45,295 jointly) for people with 2 qualifying children
  • $35,463 ($40,463 jointly) for those with 1 qualifying child
  • $13,440 ($18,440 jointly) for people without qualifying children

There are two catches for those seeking a 2009 refund. One is that you should have filed for 2010 and 2011, too, and if you owed any taxes for those years and haven’t paid up, they can apply the refund toward that. Second, it can be used for unpaid child support or past due federal student loans.

Something else for those who haven’t filed yet: last-minute tax tips. Check out the video below…

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