Unclaimed and Undelivered Tax Refunds: Does the IRS Owe You Money?
Every year, the IRS is left with millions of dollars in unclaimed or undelivered tax refunds. It may sounds strange – after all, why would anyone not claim their refund!?! But, it happens and when it does, the IRS places this money in an account and waits for taxpayers to claim their money. You will not hear directly from the IRS in these cases; you must investigate this yourself.
Unclaimed returns can happen for a variety of reasons. The two most common reasons are:
- Refund is undeliverable: If the IRS has an incorrect address on file, it is sent back to the IRS and you must claim it. If you filed manually and do not receive your refund in an appropriate time, check the IRS website to be sure that your address is listed correctly.
- Individuals do not file because of a low income: Many people mistakenly think that they have too little income to file a return and therefore miss out on their refund. With deductions and newly implemented tax credits (like the Earned Income Tax Credit), you may actually be owed a refund even if you did not make enough to be required to file a return.
Where’s My Refund?
In response to the millions of unclaimed dollars that the IRS holds each year, they have developed a very user friendly online tool to check to see if you have unclaimed or undelivered tax refunds. The Where’s My Refund tool allows you to check the status of your refund at any point, day or night. You will need certain basic information like your social security number, filing status and refund amount. This site is particularly helpful if you have filed a return in the current year and are expecting to receive a refund. You can check your most recent address listed and make corrections if your refund was sent to an incorrect address or returned.
What Can I Do If I Have Not Filed a Return?
If you have not filed a return because you did not meet the minimum income threshold, but realize that you may be eligible for deductions or credits that will result in a refund, you can file a return if you are within three years of the due date of the return and do not have any outstanding penalties to pay. It is important to note that the IRS will keep any refunds that have been unclaimed for more than 3 years.
Success Tax Relief can help determine if you are due a refund
If you think that the IRS owes you money from an unclaimed or undelivered refund and have questions about how to go about getting it into your pocket, considering getting some help or support. The tax professionals at Success Tax Relief can review your income information and quickly determine whether you are eligible for an unclaimed refund. Contact us and give us a call today at (877) 958-6638. Do not waste any time and do not let your hard earned money sit in an account with the IRS. Claim your money!