Conyers: Time is Running Out on Unclaimed Tax Refunds from 2010
(DETROIT) – Today, Congressman John Conyers, Jr. (D-Mich.) urged taxpayers in Michigan who may be owed a refund on their 2010 taxes to file by April 15 to ensure that they are able to receive it. Nationwide, an estimated 918,600 taxpayers may be missing out on almost $760 million in tax refunds from 2010. The IRS estimates that half the potential refunds for 2010 are more than $571. Rep. Conyers issued the following statement in advance of the April 15th deadline:
U.S. Representative John Conyers, Jr.
"For so many families, a tax refund can make a real difference in putting food on the table, paying college tuition, and getting free from debt. In Michigan, an estimated 29,200 people have unclaimed tax refunds from 2010 totaling $24,259,000, that will no longer be available if they do not file their 2010 return by April 15. It is crucial for families and our local economy to ensure that no one misses out on their tax refunds - averaging $597 here in Michigan - as we fight to make our tax system simpler and more fair for middle class families,” said Conyers.
ØTaxpayers must file a return within three years to claim a refund. So to collect the refund, a return for 2010 must be filed with the IRS no later than Tuesday, April 15, 2014. There is no penalty for failure to file if the taxpayer is due a refund.
ØCurrent and prior year tax forms and instructions are available on the Forms and Publications page of IRS.gov or by calling toll-free 800-TAX-FORM (800-829-3676). Taxpayers who are missing Forms W-2, 1098, 1099 or 5498 for 2010, 2011 or 2012 should request copies from their employer, bank or other payer.
ØTaxpayers seeking a 2010 refund may have checks held if they have not filed tax returns for 2011 and 2012. Refunds may be applied to amounts owed to the IRS and also may be used to offset unpaid child support or overdue federal debts such as student loans.
ØBy failing to file a return, people stand to lose more than just their refund of taxes withheld or paid during 2010. In addition, many low-and-moderate income workers may not have claimed the Earned Income Tax Credit (EITC). For 2010, the credit is worth as much as $5,666. The EITC helps individuals and families whose incomes are below certain thresholds.