Lawmakers have a plate full of leftovers from 2011 to keep them busy for a while. Even though the New Year is supposed to mean reforms and changes for policymakers, there is still some unfinished business left over from before the ball dropped in New York. More than 50 expiring business and individual tax breaks are still in limbo.
Miranda Marquit is a freelance writer and professional blogger specializing in financial topics. Her work has appeared in numerous media, online and offline. Her blog is Planting Money Seeds. This article originally appeared on Quizzle.com.
Not everyone has to file a tax return. Indeed, if you meet certain income requirements, you aren’t required to file a tax return. However, that doesn’t mean that you skip. Forbes reports that the IRS has $760 million in unclaimed refunds from tax year 2010 waiting to be claimed by filers. According to the IRS, about half of those who should have received refunds are likely to receive more than $571 if they claim their money.
If you didn’t file your tax return in 2010, this is your last chance to do so — and a claim a refund if you have one coming to you. It’s possible to file or amend a return for up to three years.
Unclaimed Tax Refunds
Even if you don’t have to tile a tax return, the reality is that it can still be a good idea. Perhaps you have had money withheld from your paycheck. If that is the case, and your income is low enough that you don’t owe, then you have a refund coming.
Another possibility is that you are eligible for the Earned Income Tax Credit (EITC) or some other refundable credit. Even if you didn’t have withholdings, the refundable tax credit might mean that the IRS owes you.
It doesn’t hurt to look back at 2010 and run the numbers. You might find that you are among the close to one million people who should have received a refund for tax year 2010. If you are one of those folks, you have until April 15, 2014 to file. Otherwise, you’ve just left money on the table.