IRS Has $950 Million in Refunds — Is Some of It Yours?
The IRS recently announced that it is holding refunds totaling $950 million for people who have not filed a 2012 Federal income tax return. Some of these refunds likely belong to families who are eligible for valuable tax credits like the Earned Income Tax Credit (EITC), Child Tax Credit (CTC) and the Child and Dependent Care Tax Credit (CDCTC). To collect their refunds, taxpayers must file a 2012 tax return with the IRS no later than this year’s April tax deadline.
In case this sounds too complicated for you to tackle on your own, remember that low- and moderate-income families may qualify for free tax preparation assistance through the IRS-sponsored VITA program, AARP’s Tax-Aide program, or for access to free tax preparation software through the Free File Alliance.
Since there’s only a little more than a month left before April 15, time is of the essence. If you need to file a 2012 tax return, don’t delay!