Wednesday, March 3, 2010
$19.8M Waiting For Tennesseans Who Haven't Filed 2006 Tax Return
Unclaimed refunds totaling nearly $19.8 million are ready for more than 22,000 Tennesseans who didn't file federal tax returns for 2006, the IRS announced Wednesday.
If you're in this category, you must file a return for 2006 no later than Thursday, April 15 so you can collect your refund.
The IRS estimates that for Tennesseans, the median unclaimed refund for 2006 is $598.
Some people may not have filed because they had too little income to require filing, even though they had taxes withheld from their wages or made quarterly estimated payments.
In these cases, the law provides most taxpayers with a three-year window to claim a refund.
If three years passes and a refund isn't claimed, the money becomes property of the U.S. Treasury.
There's no penalty for filing a late return that qualifies for a refund. However, you can't file it electronically.
You can still have refunds deposited directly into your checking or savings account.
If you haven't filed a tax return for 2007 or 2008, your refund for 2006 will be withheld. Plus, your refund will be applied to any amounts you owe the IRS. It may also be used to satisfy unpaid child support or past due federal debts such as student loans.
When you file a 2006 return, you may qualify for the one-time Telephone Excise Tax Refund. It applies to long-distance excise taxes paid on phone service billed from March 2003 through July 2006.
The government offers a standard excise refund amount of $30 to $60, or taxpayers can base their refund request on the actual amount of tax paid.
Many low and moderate income workers also may not have claimed the Earned Income Tax Credit (EITC).
The EITC helps individuals and families whose incomes are below certain thresholds. In 2006, those amounts were $38,348 for families with two or more children, $34,001 for people with one child and $14,120 for those with no children.
Prior year tax forms and instructions are available on the Forms and Publications page of IRS.gov or by calling toll-free 1-800-TAX-FORM (1-800-829-3676).
If you're missing forms W-2, 1098, 1099 or 5498 for 2006, 2007 or 2008, ask for copies from your employer, bank or other payer.
If that doesn't work, you can get a free transcript showing information from these documents by calling 1-800-829-1040, or by filing Form 4506-T, Request for Transcript of Tax Return, with the IRS.
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