North Carolinians are owed more than $48 million
North Carolinians have failed to collect more than $48 million in tax refunds dating back to the 2003 filing year.
The IRS reported today that about 48,100 of the state's consumers did not file federal income tax returns for 2003, even though the federal government owed them money. More than half of these people are owed more than $530, according to the Internal Revenue Service.
Consumers who want to collect their cash have until April 17 to file a federal return for 2003.
After that, the refund money becomes the property of the U.S. Treasury - and you're out of luck.
Also, if you request a refund for 2003 but have not filed returns for 2004 or 2005, the IRS will not send your check. And the IRS always can claim part or all of your refund if you owe child support money or have overdue payments on federal debts such as student loans.
Some of this refund money comes from taxes held back from individuals' wages. Some is from self-employed consumers who made payments against their taxes but did not earn enough money to be required to file a return.
Others among these consumers might be eligible for the Earned Income Tax Credit, a federal credit for low-income working individuals and families.
The IRS estimates that 20 percent to 25 percent of people eligible for this credit do not claim it. Last year, more than 730,000 N.C. taxpayers took the credit, collecting a combined refund greater than $1.3 billion.
During 2003, unmarried individuals typically qualified to receive the earned income tax credit if:
* Their income was less than $33,692 and they had two or more dependent children living with them.
* Their income was less than $29,666 and they had one qualifying child.
* Their income was less than $11,230 and they had no children at home.
The IRS estimates that, nationwide, more than 1.7 million individuals failed to file a 2003 return but still have an outstanding refund.
Comments (2)
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Yeah, right. Nice way for erse to get 'em to file. The promise of possible monies is just a come on with no guarantee.
Posted on March 6, 2007 8:02 PM
Jon -
In this particular case, the IRS has not released names of people owed. So I guess there's no way of knowing for sure. But it's a fact that there is more than $48 million in unclaimed refund money out there, and that some of it probably is slated for low-income consumers who don't realize they can get money back under things like the Earned Income Tax Credit even if they are not required, by law, to file.
Posted on March 7, 2007 8:23 AM