{"id":11051,"date":"2016-03-10T15:00:27","date_gmt":"2016-03-10T21:00:27","guid":{"rendered":"http:\/\/www.paristn.net\/articles\/?p=11051"},"modified":"2016-03-10T14:18:11","modified_gmt":"2016-03-10T20:18:11","slug":"irs-has-17-million-for-tennessee-taxpayers-who-have-not-filed-a-2012-tax-return","status":"publish","type":"post","link":"https:\/\/www.paristn.net\/articles\/2016\/03\/10\/irs-has-17-million-for-tennessee-taxpayers-who-have-not-filed-a-2012-tax-return\/","title":{"rendered":"IRS Has $17 Million for Tennessee Taxpayers Who Have Not Filed a 2012 Tax Return"},"content":{"rendered":"

\"InternalAtlanta, GA<\/strong> – Refunds totaling $950 million may be waiting for an estimated one million taxpayers in the nation who did not file a federal income tax return for 2012. In Tennessee, over $17 million in unclaimed refunds awaits 19,700 individuals. However, to collect the money, a return for 2012 must be filed with the IRS no later than Monday, April 18th 2016.<\/p>\n

\u201cTime is running out if you want to get your refund,\u201d said IRS Spokesman Mark Green. \u201cTaxpayers should review their 2012 statements for refundable credits and withholdings. We want all taxpayers to get the refund they\u2019re due.\u201d<\/p>\n

\"IRS<\/a>\u201cWe estimate that the median unclaimed refund for tax-year 2012 in Tennessee is $702\u201d, added Green.<\/p>\n

\u201cIn cases where a return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund,\u201d said Green. \u201cIf no return is filed to claim the refund within three years, the money becomes property of the U.S. Treasury.\u201d There is no penalty for filing a late return qualifying for a refund.<\/p>\n

Some people may not have filed because they had too little income to require filing a tax return even though they had taxes withheld from their wages or made quarterly estimated payments. 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.<\/p>\n

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 18th, 2016 (or April 19th for taxpayers in Maine and Massachusetts). The law requires the tax return to be properly addressed, mailed and postmarked by that date.<\/p>\n

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.<\/p>\n

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.<\/p>\n

The EITC helps individuals and families whose incomes are below certain thresholds.<\/p>\n

The thresholds for 2012 were:<\/strong><\/p>\n