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Do you Want to Exit the $2.2 Billion Dollars Unclaimed Tax Refund Club
Author: BillUnclaimed tax refunds worth more than $2.2 billion dollars is due to be claimed by more than one and a half million Americans. This is due just because these Americans failed to file the tax return for 2003. To receive the unclaimed tax refund check from the government, it is imperative that the tax return for 2003 must be filed with the IRS. The matter assumes additional significance because the last date for filing the return for the year 2003 is fast approaching. The law permits any and every individual a grace period of three years to file the income tax return and to claim the tax refund. The last date for filing the return, including the grace period, for the year 2003 happens to be April 17, 2007. If the Americans do not file the tax return for the year 2003 by this date, their unclaimed tax refunds shall be forfeited to the government. If you do not want this to happen, then do make sure you follow the instructions given below.
If you want your unclaimed tax refund for the year 2003, you ought to file the tax returns for the year 2004 and 2005. Once this is done, just fill any of the three forms that may be applicable to you to set the unclaimed tax refund process in motion. Just fill Form 1040 or Form 1040A or Form 1040EZ and submit the same. Different forms are used so as to differentiate different types of unclaimed tax refund check amounts. The forms- 1040 or 1040A or 1040EZ can either be downloaded from the internet or can be obtained over the telephone. You can visit http://www.irs.gov/pub/irs-prior/f1040--2003.pdf and download the form. Or you can call the toll-free number (800) 829-3676 to request the form.
The reasons for unclaimed tax refunds are:
1.Non filing of return by an individual who did not earn enough money to be compelled by law to file the return.
2.Non filing of return by an individual due to the reason that the individual did not earn enough money during the year to pay tax to the government.
3.Non filing of return by an individual who forgot all about Earned Income Tax Credit.
Earned Income Tax Credit (EITC) is a refundable deduction which is made as advance payment towards tax that may be owed by the individual. If the tax is not owed, the money is refunded… ‘IF’ the individual files the return for the year!!! For the year 2003, Earned income tax credits are available for an unmarried person who earned less than $11,230 and who does not have any children. Earned income tax credits are available for a person with one child and who has earned less than $29,666. Earned income tax credits are available for a person who has two or more than two kids if he is earning less than $33,692.
Due to not filing of return, individuals who are always in need of money end up losing money that had been deducted from their salary or wages towards payment of income tax. The tax refund becomes unclaimed tax refund. The only solution to claim the tax refund check for 2003 is to file the tax for the year and to file for subsequent years as well.
Then, visit the unclaimed money database at www.cashunclaimed.com at least twice a year to ensure that no money is owed to either you or your family. There are millions of Americans who have lost money because they were completely unaware of the same. As on date, the amount owed is in excess of thirty five billion dollars. If you find money owed to you, there will be forms and instructions on claiming the funds. Fulfill the same and get your money back.
Article Source: http://www.articlesbase.com/finance-articles/do-you-want-to-exit-the-22-billion-dollars-unclaimed-tax-refund-club-120268.html
About the Author:Nicole Anderson offers information about unclaimed money at www.cashunclaimed.com. Cash Unclaimeds database covers all state and federal databases to ensure any money owed to you is found and of
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Keywords:
money return unclaimed year refund 2003 file income individual earned