$2 Billion In 2001 Tax Refunds Unclaimed
The IRS wants to give over $2 billion to some 1.7 million people who haven't claimed their tax refunds for taxes they paid three years ago. Many of these people never filed tax returns in 2001. These people have until April 15, 2005 to claim the money, or it will automatically become the US government's money due to laws that make any money unclaimed after 3 years the property of the US Treasury.
If you didn't file in 2001 and you are owed a tax refund, all you have to do is file to receive the money. The IRS estimates that 50% of the people due a refund would receive over $484. There is no penalty for filing a return late to claim a refund.
Most people who fail to claim their refund worked part-time or for a short period and had taxes withheld from their paychecks, but didn't work for an entire year. Another segment that often fails to claim their tax refunds are people who went through a major life change that year and simply forgot about their refund due to other things occupying their thoughts such as a death in the family, a divorce or a move.
If you do file a 2001 tax return to claim a refund, but have not filed a 2002 or 2003 tax return, you won't get the refund money until you also file the 2002 and 2003 returns. This is to ensure that any taxes that need to be paid for these years are paid in full.
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