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IRS Has $1 Billion for People Who Have Not Filed a 2008 Income Tax Return

March 2, 2012

WASHINGTON — Refunds totaling more than $1 billion may be waiting for one million people who did not file a federal income tax return for 2008, the Internal Revenue Service announced today. However, to collect the money, a return for 2008 must be filed with the IRS no later than Tuesday, April 17, 2012.
The IRS estimates that half of these potential 2008 refunds are $637 or more.
Some people 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 a refund within three years, the money becomes property of the U.S. Treasury.
For 2008 returns, the window closes on April 17, 2012. The law requires that the return be properly addressed, mailed and postmarked by that date. There is no penalty for filing a late return qualifying for a refund.
The IRS reminds taxpayers seeking a 2008 refund that their checks may be held if they have not filed tax returns for 2009 and 2010. In addition, the refund will be applied to any amounts still owed to the IRS, and may be used to offset unpaid child support or past due federal debts such as student loans.
By failing to file a return, people stand to lose more than refunds of taxes withheld or paid during 2008. Some people, especially those who did not receive an economic stimulus payment in 2008, may qualify for the Recovery Rebate Credit. In addition, many low-and moderate-income workers may not have claimed the Earned Income Tax Credit (EITC). The EITC helps individuals and families whose incomes are below certain thresholds. The thresholds for 2008 were:

•    $38,646 ($41,646 if married filing jointly) for those with two or more qualifying children,
•    $33,995 ($36,995 if married filing jointly) for people with one qualifying child, and
•    $12,880 ($15,880 if married filing jointly) for those with no qualifying children.

Individuals Who Did Not File a 2008 Return with a Potential Refund
State    Individuals    Median    Potential Refund

Alabama    18,400    $641    $15,738

Alaska    5,800    $641    $5,952

Arizona    29,000    $558    $24,913

Arkansas    9,600    $620    $8,152

California    122,500    $595    $112,201

Colorado    20,500    $589    $18,909

Connecticut    12,500    $697    $13,893

Delaware    4,200    $644    $3,784

District of Columbia    4,000    $642    $3,791

Florida    70,400    $650    $66,974

Georgia    35,800    $581    $30,661

Hawaii    7,600    $714    $8,307

Idaho    4,700    $541    $3,878

Illinois    40,800    $692    $40,712

Indiana    21,800    $664    $19,590

Iowa    10,600    $658    $9,295

Kansas    11,500    $631    $10,084

Kentucky    12,300    $640    $10,501

Louisiana    20,500    $662    $18,859

Maine    4,000    $579    $3,248

Maryland    24,600    $641    $22,591

Massachusetts    23,900    $699    $22,957

Michigan    33,300    $660    $30,903

Minnesota    15,200    $584    $12,772

Mississippi    9,900    $591    $8,254

Missouri    21,600    $593    $18,213

Montana    3,600    $599    $3,192

Nebraska    5,100    $623    $4,371

Nevada    14,500    $619    $13,381

New Hampshire    4,300    $733    $4,518

New Jersey    31,300    $716    $31,185

New Mexico    8,000    $611    $7,420

New York    60,300    $686    $61,240

North Carolina    30,800    $558    $24,997

North Dakota    2,000    $625    $1,895

Ohio    36,400    $622    $31,018

Oklahoma    16,800    $620    $14,787

Oregon    18,500    $527    $14,819

Pennsylvania    38,700    $695    $35,565

Rhode Island    3,400    $674    $3,040

South Carolina    12,200    $547    $10,158

South Dakota    2,300    $669    $2,234

Tennessee    18,400    $626    $16,130

Texas    96,200    $689    $97,057

Utah    7,800    $536    $6,676

Vermont    1,700    $647    $1,410

Virginia    30,800    $624    $28,670

Washington    29,900    $705    $32,138

West Virginia    4,300    $687    $4,068

Wisconsin    14,100    $592    $11,885

Wyoming    2,600    $773    $2,919

Grand Total    1,089,000    $637    $1,009,905

 

Source: IRS

Clergy Financial Resources
http://www.clergytaxnet.com

Clergy Financial Resources is a national accounting and finance organization serving churches and clergy since 1980. They have an unparalleled tax expertise on the complex issues associated with clergy tax law, clergy taxes, clergy compensation and church payroll. Clergy Financial Resources is a valuable resource for clergy, churches and denominations

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