San Jose Tax Attorneys Ainer & Fraker claim if you have not yet filed your 2009 tax return and have a refund coming, time is running out! The IRS estimates that there are more than 1 million taxpayers who have not filed their 2009 tax return and that there are approximately $1 billion of unclaimed refunds available for those taxpayers. If you fall in this category, you need to act quickly because the return must be filed by April 15, 2013 to claim a refund for 2009. Otherwise, the money becomes the property of the U.S. Treasury.
By failing to file a return, people stand to lose more than a refund of taxes withheld or paid during 2009. In addition, many low- and moderate-income workers may not have claimed the Earned Income Tax Credit (EITC). The EITC helps individuals and families with incomes below certain thresholds, which in 2009 were $43,279 ($48,279 married joint) for people with 3 or more children, $40,295 (45,295 married joint) for those with two or more children, $35,463 ($40,463 married joint) for people with one child, and $13,440 ($18,440 married joint) for those with no children.
When filing a 2009 return, the law requires that the return be properly addressed, mailed, and postmarked by April 15. There is no penalty for filing a late return that qualifies for a refund.
As a reminder, taxpayers seeking a 2009 refund should know that their checks will be held if they have not filed tax returns for 2010 and 2011. 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.