Are you one of the taxpayers who haven’t filed a 2010 tax return?
The Internal Revenue Service has announced that refunds totaling almost $760 million may be waiting for an estimated 918,600 taxpayers who did not file a federal income tax return for 2010.
If you are one of these individuals and are due a refund, the last day to file a return is April 15, 2014. There are no penalties for filing a return late if you are due a refund.
Some people may not have filed a return because they had too little income to require filing a return. However, if they had any tax withheld from their wages or made any estimated payments, the only way to get that back is to file a return.
This often applies to students, part-time workers, and retirees who may have had tax withheld from a pension or IRA distribution.
The IRS has actually indicated that there are approximately 9,200 taxpayers in Iowa who are due a refund.
Disclaimer: The items included in the Tax Tip Tuesday Video Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation. IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advise contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.