Refunds totaling $8.4 million may be waiting for 10,900 Wisconsinites who did not file a federal income tax return for 2010, according to the Internal Revenue Service
However, to collect the money, taxpayers must file their 2010 tax return by the deadline, Tuesday, April 15, 2014.
"The window is quickly closing for people who are owed refunds from 2010 who haven't filed a tax return," said IRS Commissioner John Koskinen. "We encourage students, part-time workers and others who haven't filed for 2010 to look into this before time runs out on April 15."
Generally, the law allows 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 2010 returns, the window closes on April 15 this year. 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.
“In some cases, people may not have filed because they had too little income to require filing a tax return," said IRS spokesperson Christopher Miller. "But by not filing they’re potentially missing out on getting a refund of money withheld from their check. That’s in addition to any refundable credits they may qualify for, like the Earned Income Tax Credit."
The IRS reminds taxpayers seeking a 2010 refund to ensure they have filed for subsequent years as well. Unclaimed refund checks for tax year 2010 may be held if taxpayers have not filed returns for 2011 and 2012. 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, many low-and moderate-income workers also stand to lose money from the Earned Income Tax Credit (EITC). For 2010, the credit was worth up to nearly $5,666. The EITC helps individuals and families whose incomes are below certain thresholds. The thresholds for 2010 were:
· $43,352 ($48,362 if married filing jointly) for those with three or more qualifying children,
· $40,363 ($45,373 if married filing jointly) for people with two qualifying children,
· $35,535 ($40,545 if married filing jointly) for those with one qualifying child, and
· $13,460 ($18,470 if married filing jointly) for people without qualifying children.
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 2010, 2011 or 2012 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 going to IRS.gov. Taxpayers can also file Form 4506-T to request a transcript of their tax return.
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