ATLANTA - There is nearly $1 billion out there waiting for taxpayers. But if it's not claimed soon - very soon - it disappears for good. There really is money out there that may be owed to you. And I'm going to tell you how to find out.
First, let me tell you exactly what this is. This is a years' worth of federal tax refunds from 2012 returns that have gone uncollected. For Georgians there more than $29 million in potential refunds. So, if you haven't filed your 2012 federal tax return yet, do it now, to get that refund. The deadline is April 18. Less than a month away. And there is no filing later than that. It's a hard deadline.
Thinking, 'How much can it really be?' A lot. For a single parent with two children making $17,000, you would have a $7,548 check. If you don't grab it, you lose it.
You should have gotten a reminder in the mail. It was a letter telling you that you did not file your 2012 federal return. Now maybe you moved and didn't get it. Well you can call the IRS to see if there's money waiting for you. There's the number 1-800-829-1040. Can't remember that? Try this - 1-800-TAX-1040.
Now, a lot of people impacted here are young people - teens, young adults - who didn't make more than $4,000 in a single year. They often have summer jobs, so many of those taxpayers don't always file their tax returns. And there is likely a refund waiting for you. But note, Mom and Dad, can't call the IRS on their behalf. Your teen has to do it. Let Bill Nemeth, an enrolled agent, who represents taxpayers when they're up against the IRS, explain
To help a young person avoid missing out on refunds going forward, have them do this.
Fill out their W4 correctly. Bill Nemeth says file exempt if you make less than $4,000 annually and don't have children. You don't have any tax liability. So don't withhold taxes, keep it all yourself.