Unclaimed Money: IRS Has $1B for Late 2008 Filers

February 24, 2012 12:17:14 PM PST
Time is ticking -- and money could be waiting -- for those who have yet to file their 2008 federal tax returns. Half of those nonfilers could be due refunds of $637 each -- their share of the more than $1 billion the Internal Revenue has in unclaimed refund money for that year.

The IRS said the deadline for those who want to file and collect their 2008 refunds is April 17, 2012.

The IRS reminds taxpayers seeking a refund for 2008 that their checks might be held if they didn't file tax returns for 2009 and 2010. The 2008 refund would be applied to any amounts still owed, and to unpaid child support or past due federal debts, such as student loans. There is no penalty for filing a late return that qualifies for a refund.

The law provides most taxpayers with a three-year window to claim a refund, and after that the money becomes property of the U.S. Treasury. The IRS said some people may not have filed because they had too little income to require filing a tax return, even though taxes were withheld from their wages.

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