Irs Holding 2 Billion In Unclaimed Tax Refunds

Irs Holding 2 Billion In Unclaimed Tax Refunds

IRS Holding $2 Billion in​ Unclaimed Tax Refunds
Every year,​ the​ IRS announces that it​ is​ holding unclaimed tax refunds .​
Taxpayers have a​ limited time to​ claim the​ $2 billion dollars the​ IRS is​ currently holding.
Three years is​ a​ magical number when it​ comes to​ tax returns .​
It refers to​ the​ statute of​ limitations on​ certain tax issues such as​ when an​ audit can occur,​ when refunds can be claimed and when amended tax returns can be filed .​
The IRS is​ currently holding $2 billion dollars in​ unclaimed tax refunds for the​ 2002 tax year and taxpayers must file their claims by April 17,​ 2018 or​ lose the​ refunds forever .​
Approximately 1.7 million people are due refunds out of​ the​ $2 billion dollars currently held by the​ IRS .​
These people have refunds due because they failed to​ file tax returns for 2002 .​
This occurred most likely because people felt they did not make enough money to​ warrant filing a​ tax return .​
By failing to​ file,​ however,​ they have left $570 on​ average with the​ IRS .​
If a​ taxpayer fails to​ claim the​ tax refund by filing a​ tax return for 2002,​ the​ money will default to​ the​ federal government .​
Importantly,​ there is​ no penalty associated for filing late if​ a​ taxpayer is​ due a​ tax refund .​
This is​ common misconception among non-filers .​
One group of​ taxpayers that almost always has a​ large percentage of​ non-filers is​ military personnel .​
Obviously,​ it​ is​ a​ bit hard to​ file from Afghanistan,​ but now is​ the​ time to​ do so for 2002 .​
Members of​ the​ military that failed to​ file in​ 2002 are owed an​ average of​ $749 per taxpayer .​
The IRS releases demographic on​ the​ areas in​ the​ United States where refunds are due .​
To this end,​ California and Texas are the​ states where the​ most individuals are due refunds while Idaho has only 6,​200 people due a​ refund .​
Nobody finds filing taxes an​ exciting prospect .​
The pain is​ much less,​ however,​ is​ you​ know you​ are due a​ refund .​
If you​ failed to​ file in​ 2002,​ you​ might be throwing away a​ nice little chunk of​ change.

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