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Could the IRS owe you money that you don’t even know about?
The federal government estimates that it has refunds waiting for over a million people who haven’t filed a federal income
tax return. Half of those unclaimed refunds amount to $640.00 or more.
Could you have a check waiting for you?
We asked Lisa Greene-Lewis, CPA and TurboTax Blog Editor, if it’s worth it to file even if you don’t have to.
“A lot of people have this question,” Greene-Lewis said. “The IRS has income thresholds that they use as qualifications for people to file. But if people rely only on those thresholds, they may be missing out on a refund.”
The problem is that the income thresholds used by the IRS don’t take into account tax credits, like the Earned Income Tax Credit, the Additional Child Tax Credit, and the American Opportunity Credit.
You might be due a refund without even knowing it.
If you’re not required to file because you don’t make enough money according to the IRS guidelines, why go through all of the effort?
Many people don’t file when they aren’t required to. But it might be smarter to file anyway.
“If you’ve had any taxes taken out of your paycheck, you may be eligible for a refund,” Greene-Lewis said.
In other words, if you don’t file, you could be leaving money on the table.
“Every year, the IRS comes out with a report that they have over a billion dollars in unclaimed refunds,” Greene-Lewis said. “Of course, they’re not going to let you know that you have a refund. They’re going to wait for you to file.”
Make sure you get every dollar you deserve.
Find out how you can file your taxes online and get the fastest refund possible. Learn more at ShopAtHome.com’s Tax Center, powered by TurboTax.