(Memphis) The April 15th tax deadline is quickly approaching.
However, it also represents a deadline for millions of taxpayers who are missing out on money!
The IRS estimates nationwide, almost $760 million may be waiting for more than 900,000 taxpayers who didn’t file a tax return for 2010.
In cases where a 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 property of the U.S. Treasury.
In Tennessee, roughly 16,000 residents are due $12.8 million.
Some people may not have filed because they thought they didn’t make enough money to file a return, and in some cases, those folks could be missing out on even more money.
Low to moderate income residents can take advantage of the Earned Income Tax Credit and for 2010 that credit was worth more than $5,000.
According to the IRS, taxpayers won’t face a penalty for filing a late return for a qualifying refund.
However, the IRS could hold that money if you didn’t file in 2011 or 2012, or portions could be withheld if you owe the government.
Taxpayers who need a W2 for 2010 should contact their employers.
Current 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).