Speweik for Judge
May 2019
Weekly Specials
Oct. 2018 Update
Gerdeman Ins Jan 2016
Sheriff 2020 Rail
Logo
January Start with us
March 2020
BVH March 2020
Briar Hill Health Update
Bowlus for Commish 2020
Ol’ Jenny

IRS Has Refunds Totaling $950 Million for People Who Have Not Filed a 2012 Federal Income Tax Return

WASHINGTON — The Internal Revenue Service announced last week that Federal income tax refunds totaling $950 million may be waiting for an estimated one million taxpayers who did not file a federal income tax return for 2012. To collect the money, these taxpayers must file a 2012 tax return with the IRS no later than this year’s April tax deadline.

“A surprising number of people across the country overlook claiming tax refunds each year. But the clock is ticking for taxpayers who didn’t file a 2012 federal income tax return, leaving nearly $1 billion in refunds unclaimed,” said IRS Commissioner John Koskinen. “We especially encourage students and others who didn’t earn much money to look into this situation because they may still be entitled to a refund. Don’t forget, there’s no penalty for filing a late return if you’re due a refund.”

The IRS estimates the midpoint for potential refunds for 2012 to be $718, with half being worth more than $718 and half being worth less.

In cases where a tax 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 the property of the U.S. Treasury. For 2012 tax returns, the window closes on April 18, 2016 (or April 19 for taxpayers in Maine and Massachusetts). The law requires the tax return to be properly addressed, mailed and postmarked by that date.

The IRS reminds taxpayers seeking a 2012 refund that their checks may be held if they have not filed tax returns for 2013 and 2014. In addition, the refund will be applied to any amounts still owed to the IRS, or their state tax agency, and may be used to offset unpaid child support or past due federal debts, such as student loans.

By failing to file a tax return, people stand to lose more than just their refund of taxes withheld or paid during 2012. Many low-and-moderate income workers may not have claimed the Earned Income Tax Credit (EITC). For 2012, the credit is worth as much as $5,891.

The EITC helps individuals and families whose incomes are below certain thresholds. The thresholds for 2012 were:

  • $45,060 ($50,270 if married filing jointly) for those with three or more qualifying children,
  • $41,952 ($47,162 if married filing jointly) for people with two qualifying children,
  • $36,920 ($42,130 if married filing jointly) for those with one qualifying child, and
  • $13,980 ($19,190 if married filing jointly) for people without qualifying children.

Current and prior year tax forms and instructions are available on the IRS.gov Forms and Publications page, or by calling toll-free: 800-TAX-FORM (800-829-3676). Taxpayers who are missing Forms W-2, 1098, 1099 or 5498 for the years 2012, 2013 or 2014 should request copies from their employer, bank or other payer.

Taxpayers who are unable to get missing forms from their employer or other payer should go to IRS.gov and use the  “Get a Transcript by Mail” button to order a paper copy of their transcript and have it sent to their address of record. Taxpayers can also file Form 4506-T to request a transcript of their tax return. Taxpayers can use the information on the transcript to file their return.

Individuals who did not file a 2012 return with a potential refund:

 

State or DistrictEstimated

Number of

Individuals

Median

Potential

Refund

Total

Potential

Refunds*

Alabama18,700$713$16,684,000
Alaska4,700$834$5,019,000
Arizona26,000$631$22,078,000
Arkansas10,100$692$8,987,000
California94,900$656$82,782,000
Colorado19,300$667$16,961,000
Connecticut11,800$803$11,511,000
Delaware4,200$771$4,012,000
District of Columbia3,600$741$3,343,000
Florida64,700$721$58,598,000
Georgia34,300$642$29,395,000
Hawaii6,500$740$6,091,000
Idaho4,400$607$3,652,000
Illinois40,300$782$38,893,000
Indiana22,000$751$20,448,000
Iowa10,800$764$9,917,000
Kansas11,000$699$9,811,000
Kentucky13,500$746$12,122,000
Louisiana20,600$726$19,767,000
Maine4,100$651$3,432,000
Maryland22,600$722$21,108,000
Massachusetts20,600$767$19,714,000
Michigan34,600$733$32,118,000
Minnesota15,200$657$12,981,000
Mississippi10,800$646$9,325,000
Missouri22,800$675$19,886,000
Montana3,500$669$3,083,000
Nebraska5,400$695$4,720,000
Nevada12,500$704$11,280,000
New Hampshire4,400$804$4,284,000
New Jersey30,600$803$30,016,000
New Mexico7,700$715$7,181,000
New York57,600$796$56,310,000
North Carolina29,700$619$24,469,000
North Dakota2,600$831$2,682,000
Ohio37,300$717$33,321,000
Oklahoma18,500$744$17,411,000
Oregon15,700$620$12,820,000
Pennsylvania40,200$796$38,243,000
Rhode Island3,200$777$3,014,000
South Carolina12,500$633$10,648,000
South Dakota2,800$785$2,707,000
Tennessee19,700$702$17,318,000
Texas96,400$771$93,998,000
Utah7,400$640$6,316,000
Vermont2,000$698$1,689,000
Virginia29,000$698$26,297,000
Washington26,100$764$25,292,000
West Virginia5,100$800$4,870,000
Wisconsin12,900$647$10,837,000
Wyoming2,700$851$2,908,000
Totals1,037,600$718$950,349,000

* Excluding the Earned Income Tax Credit and other credits.

NOTE:  The personal exemption for Tax Year 2012 was $3,800; general filing requirements for TY 2012 were as follows:

 

General Filing Requirements 

2012               

Single                                     $9,750
65 or over                               $11,200

Head of Household                 $12,500

65 or over                             $13,950

Married Filing Jointly               $19,500

(1) 65 or over                        $20,650

(2) 65 or over                        $21,800

Married Filing Separately         $3,800

Qualifying Widow/er                $15,700

65 or >                                 $16,850

 

Leave a Reply

Your email address will not be published. Required fields are marked *

NBX powered by PANDA Technologies
February 2017
NBLS Website