Consumer Alert - $2 Billion In Tax Refunds To Be Forfeited

The Internal Revenue Service (IRS) reports that more than 1.7 million taxpayers are due more than $2 billion in federal income tax refunds for 2001.

The IRS estimates that half of those who could claim refunds would receive more than $484. In some cases, individuals had taxes withheld from their wages or made payments against their taxes out of self-employed earnings but had too little income to require filing a tax return. Some taxpayers may also be eligible for the refundable Earned Income Tax Credit.

“The window is closing for 2001 refunds,” IRS Commissioner Mark W. Everson said. “As soon as you send us your tax return, you’ll get your money. But if you don’t file, you won’t get anything.”

When no tax return is filed, Everson's office states that federal law allows the money to revert to the federal government after a three year period. The agency posted a list of tax refunds due by state and has embarked upon a massive public relations campaign to reunite taxpayers with their refunds.

For additional help, consumers can also call the IRS toll-free help line at 1-800-829-1040.

posted by Consumer Help Web Editorial Team at 10:41 AM |