Act
fast or you'll lose your refund
you could be about to lose out on a nice
refund check. The IRS reports that it is holding an astonishing one billion
dollars in refunds from the year 2011. Here's how the situation arose.
Nearly one million filers, many of them
students and retirees, had taxes withheld from their earnings that year but
didn't bother to file a return. That was quite legal if they didn't earn enough
to reach the minimum income for required filing. And in many cases they forgot
that taxes had been withheld and that they were eligible for a refund. For
example, a student might have worked at a summer job, gone back to school in
the fall, and not given taxes a second thought.
If you think you are due a refund for 2011,
it's worth filing a return. The IRS estimates that around half those who are
eligible would receive refunds of over $1,000. In some cases, you could find
you're eligible for even more than the refund. If you were a low-income worker
that year, you might also have qualified for the earned income tax credit. But
you'll need to act fast. Unless you file a year-2011 return by April 15, 2015,
the statute of limitations will have run out and you'll be too late to claim
your refund.
Be aware that the IRS won't issue a 2011
refund check unless you've also filed returns for years 2012 and 2013. And if
you owe taxes for those years, they'll deduct that from the amount of the 2011
refund.
Contact our office as soon as possible if
you think you might be due a 2011 refund.
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