IRS has $1.3 billion for people who have not filed a 2005 tax return - KSWO, Lawton, OK- Wichita Falls, TX: News, Weather, Sports. ABC, 24/7, Telemundo -

IRS has $1.3 billion for people who have not filed a 2005 tax return

Washington_Unclaimed refunds totaling approximately $1.3 billion are awaiting over a million people who did not file a federal income tax return for 2005, the Internal Revenue Service announced today. However, to collect the money, a return for 2005 must be filed with the IRS no later than Tuesday, April 15, 2009.

"Especially in these tough economic times, people should not lose out on money that is rightfully theirs," said IRS Commissioner Doug Shulman. "People should check their records, especially if they had taxes withheld from their paychecks but were not required to file a tax return. They may be leaving money on the table, including valuable tax credits that can mean even more money in their pockets."

The IRS estimates that half of those who could claim refunds for tax year 2005 would receive more than $581. Some individuals may not have filed because they had too little income to require filing a tax return even though they had taxes withheld from their wages or made quarterly estimated payments. In cases where a return was not filed, 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 2005 returns, the window closes on April 15, 2009. 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.

The IRS reminds taxpayers seeking a 2005 refund that their checks will be held if they have not filed tax returns for 2006 or 2007. In addition, 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.

By failing to file a return, individuals stand to lose more than refunds of taxes withheld or paid during 2005. Many low-income workers may not have claimed the Earned Income Tax Credit (EITC). Generally, unmarried individuals qualified for the EITC if in 2005 they earned less than $35,263 and had more than one qualifying child living with them, earned less than $31,030 with one qualifying child, or earned less than $11,750 and had no qualifying child. Limits are slightly higher for married individuals filing jointly.

Current and prior year tax forms and instructions are available on the Forms and Publications Web page of IRS.gov or by calling 1-800-TAX-FORM (1-800-829-3676). Information about the Earned Income Tax Credit and how to claim it is also available on IRS.gov. Taxpayers who need help also can call the toll-free IRS help line at 1-800-829-1040.

  • Local NewsNewsMore>>

  • Support from Conservative Freedom Caucus boosts tax bill

    Support from Conservative Freedom Caucus boosts tax bill

    Thursday, December 14 2017 3:54 AM EST2017-12-14 08:54:53 GMT
    Thursday, December 14 2017 3:47 PM EST2017-12-14 20:47:54 GMT

    Generous tax cuts for corporations and the wealthiest Americans would be delivered in a sweeping overhaul of the tax laws, under a new agreement crafted by Republicans in Congress.

    Generous tax cuts for corporations and the wealthiest Americans would be delivered in a sweeping overhaul of the tax laws, under a new agreement crafted by Republicans in Congress.

  • Disney buying large part of 21st Century Fox in $52.4B deal

    Disney buying large part of 21st Century Fox in $52.4B deal

    Thursday, December 14 2017 7:24 AM EST2017-12-14 12:24:47 GMT
    Thursday, December 14 2017 3:46 PM EST2017-12-14 20:46:15 GMT

    Disney is buying a big chunk of the Murdoch family's 21st Century Fox in $52.4 billion deal, gaining U.S. cable channels and a major film studio and growing overseas as it tries to meet competition from technology...

    Disney is buying a big chunk of the Murdoch family's 21st Century Fox in $52.4 billion deal, gaining U.S. cable channels and a major film studio and growing overseas as it tries to meet competition from technology companies.

  • Home is unlivable following electrical fire

    Home is unlivable following electrical fire

    Thursday, December 14 2017 3:41 PM EST2017-12-14 20:41:17 GMT

    There was a small structure fire on Rhoades Road in Meers today. The home was evacuated. Fire officials with the Medicine Park Fire Department say that there was enough damage to upper part of the home that it may be a total loss. They said the homeowner’s insurance will determine the severity but, as of right now, the home is not livable. The fire was electrical in nature but an investigation is still ongoing. Copyright 2017 KSWO. All rights reserved.

    There was a small structure fire on Rhoades Road in Meers today. The home was evacuated. Fire officials with the Medicine Park Fire Department say that there was enough damage to upper part of the home that it may be a total loss. They said the homeowner’s insurance will determine the severity but, as of right now, the home is not livable. The fire was electrical in nature but an investigation is still ongoing. Copyright 2017 KSWO. All rights reserved.

Powered by Frankly