IRS Sitting on Almost $1 Billion of Refundable Tax

As the closure of the 2009 statute of limitations looms, any of you who may not have filed a 2009 tax return and who may have some shekels coming back had better get busy!

IRS recently announced they are holding just over $917 million of dough potentially owing to about 984,000 taxpayers who did not file a 2009 Federal income tax return! And they estimate that half of these refunds would amount to more than $500.

Some people may not have filed because they had too little income, even though some taxes were withheld from them. In order to get that money back, you must file that 2009 return by April 15, 2013. If IRS thinks you owe for 2010 and/or 2011 (because you didn’t file for those years either), they may withhold any 2009 refund to which you may be entitled. In addition, any refund could be applied to amounts owed to your state taxing agency, or amounts you owe for delinquent child support or past due Federal debts, such as student loans.