The IRS May Owe You Money

Tuesday, December 7, 2010, 5:50 AM | 2 Comments

Many folks are afraid to file tax return. They think IRS is a big monster where everyday is Halloween and Michael Myers at the IRS is out to get them. IRS is simply a U.S. Government agency like any other which has been given the thankless job of collecting taxes. But by no means people sitting at IRS offices can be compared with those of Prince John when King Richard was out of his den. Besides Americans don’t have Valentine – The Two Gentlemen of Verona by William Shakespeare – to protect us from John’s tyranny.

Two types of refunds may be waiting for you…

In any case, in light of the above statement, IRS may have money for you. If your income was below the limit but you were required to file a tax return, you may be due a refund.

However, there are certain conditions from IRS that you have to meet first. If you have not filed a prior year tax return and are due a refund, you should consider filing the return to claim that refund. If you are missing a refund for a previously filed tax return, maybe due to address change, you should contact the IRS to check the status of your refund and confirm your current address.

  1. Unclaimed Refunds

    Taxes may have been withheld from your paycheck even if you had too little income but you were not required to file a tax return, it’s time to file a return to claim what was withheld. That’s your money. If taxes were not withheld from your income, you may still be eligible for the refundable Earned Income Tax Credit.

    The statute of limitation is generally three years. So your filling for refund must be within that period to get the money IRS owes you. If you miss this time period, the unclaimed money becomes the property of the U.S. Treasury. No penalty (hey! the good old IRS) would chase you for filing a late return qualifying for a refund. That’s the promise by IRS.

  2. Undeliverable Refunds

    If you expected a refund check but didn’t get it, now is the best time as ever to claim it.

    Refund checks are mailed to your last known address. If you have moved with no forwarding address with the Post Office or IRS, your refund check may have been returned to IRS.

    You may be able to update your address with the IRS on the “Where’s My Refund?” feature. Fill out the required information including an updated address if there is an undeliverable check outstanding within the last 12 months.

    You can also ensure the IRS has your correct address by Notifying IRS.

Seek help and you shall get it

Current and prior year tax forms and instructions are available on the Forms and Publications page of or by calling 800-TAX-FORM (800-829-3676).

No access to Internet?

No problem. If you do not have access to the Internet and think you may be missing a refund, you should first check your records or contact your tax preparer.

If your refund information appears correct, call the IRS toll-free assistance line at 800-829-1040 to check the status of your refund and confirm your address.

In a Nutshell
If the IRS owes you money, go for it. It’s your money. Don’t delay.

TaxACT Free Federal and Deluxe Editions include both Schedule A and all the rest of the forms you need. You can also use any of these tax software to help you do your taxes.

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