Time Running Out For Millions To Claim Refunds
$2.5 Billion In Tax Refunds Up For Grabs
POSTED: 9:06 am CST February 10, 2004
WASHINGTON -- The IRS says it's sitting on more than $2.5 billion of year 2000 refunds it wants to hand out -- but there's only one catch. People have to file a return first. The agency says that many students, retirees and part-time workers skip filing returns because they're under the threshold where a return is required.But time is running out. If returns aren't filed April 15, the chance at a refund is gone forever. The IRS says there are about 2 million people who could claim a year 2000 refund. The agency says half of those who haven't filed returns for 2000 could pull in a refund of $529 or more. 
View state-by-state breakdowns. In some cases, individuals had taxes withheld from their wages, or made payments against their taxes out of self-employed earnings, but had too little income to require filing a tax return. Some taxpayers may also be eligible for the refundable Earned Income Tax Credit."The clock is running if you want to get your refund," said IRS Commissioner Mark Everson. "People who aren't required to file sometimes overlook that they had tax withheld. Don't wait until it's too late. We want all taxpayers to get the refund they're due."The law provides most taxpayers with a three-year window of opportunity for claiming a refund. If no return is filed to claim the refund within three years, the money becomes property of the U.S. Treasury.For 2000 returns, the window closes on April 15, 2004. The law requires that the return be properly addressed, postmarked and mailed by that date. There is no penalty assessed by the IRS for filing a late return qualifying for a refund.But watch out: if you're seeking a 2000 refund, your check will be held if you haven't filed tax returns for 2001 or 2002. And the refund will be applied to any amounts still owed to the IRS and may be used to satisfy unpaid child support or past due federal debts -- such as student loans.Current and prior year tax forms are available on the IRS Web site or by calling (800) TAX-FORM. Taxpayers who need help also can call the IRS help line at (800) 829-1040.
View state-by-state breakdowns. In some cases, individuals had taxes withheld from their wages, or made payments against their taxes out of self-employed earnings, but had too little income to require filing a tax return. Some taxpayers may also be eligible for the refundable Earned Income Tax Credit."The clock is running if you want to get your refund," said IRS Commissioner Mark Everson. "People who aren't required to file sometimes overlook that they had tax withheld. Don't wait until it's too late. We want all taxpayers to get the refund they're due."The law provides most taxpayers with a three-year window of opportunity for claiming a refund. If no return is filed to claim the refund within three years, the money becomes property of the U.S. Treasury.For 2000 returns, the window closes on April 15, 2004. The law requires that the return be properly addressed, postmarked and mailed by that date. There is no penalty assessed by the IRS for filing a late return qualifying for a refund.But watch out: if you're seeking a 2000 refund, your check will be held if you haven't filed tax returns for 2001 or 2002. And the refund will be applied to any amounts still owed to the IRS and may be used to satisfy unpaid child support or past due federal debts -- such as student loans.Current and prior year tax forms are available on the IRS Web site or by calling (800) TAX-FORM. Taxpayers who need help also can call the IRS help line at (800) 829-1040. Distributed by Internet Broadcasting Systems, Inc. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
