Are you one of the thousands of Americans that actually are owed money by the IRS? Does the Federal Government owe you money due to over taxing you or refunds you should have received? If so there are ways that you can check and ways that you can recover your money before it is too late.
There are a few reasons why the IRS may owe you money according to the official IRS website. One of the main reasons that the Internal Revenue Service (IRS) may owe you money is that you actually did not file a tax return become the income you received was below the threshold. However, even though you don’t technically need to file one if you had taxes withheld from your paycheck filing a return is the only way to get that withheld money back! Another reason is eligibility for the refundable Earned Income Tax Credit, even if no tax is withheld the government will just give you money in some cases. The other big reason for the government owing you money is they can’t find you. Undeliverable refunds are refund checks that are returned to the IRS because the last known address for the taxpayer is undeliverable.
To recover unclaimed refunds
• A tax return must be filed within three years of the due date of the return.
• If no return is filed the money becomes property of the U.S. Treasury
• The IRS will assess no penalties for late filings
• Forms can be found on the Forms and Publications page of IRS.gov
To recover undeliverable refunds:
• You can update your address with the IRS on the “Where’s my Refund?” feature on IRS.gov
• You can file form 8822 (Change of Address) which can be found on IRS.gov
• You can call the IRS on 800-829-1040 and confirm the refund and new address
At the end of the day it is the taxpayer that is responsible for filing a return and ensuring that the address that the IRS has on file is current and correct. The IRS cannot, and will not, go above and beyond to return money to the taxpayer. However, by being aware of your tax situation you should be able to understand if the IRS might owe you money. If you believe they do, follow the easy steps outlined above to ensure your refund check is sent out as quickly as possible.