Unclaimed Tax Refunds – Does the IRS Owe You Some Money?

Unclaimed Tax Refunds

You are entitled to restitution (or, in other words tax refund) if you have any source of income and paid income tax for the most part of the last year (the tax is deducted from the payroll of employees, for example). At the time of filing for a tax refund, the program works everything out for you so you will know whether or not the government owes you, or, worse, you have to pay extra tax to the government.

Those who has many deductions as kids and medical expenses, for example, enjoys tax breaks (which means they may get cash back or not have to pay any extra tax to the government). In the end, you should, in most cases, benefit from a tax breaks and be entitled to a rebate.

How to know if you are eligible to get cash refund

If you are eligible to receive an income tax refund, be aware of the payment and look for regularly the release of the cash. The government program usually releases cash at different times, so make sure you do not miss the opportunity to get your money as soon as possible. The refund shall be adjusted by the country´s interest rates. From completing and sending the form to the time it is made available to the taxpayer, additional costs will not be incurred.

If there are any errors made when in filling out the bank details, or the bank account has been closed during this batch release period, the money will go back to the bank and you must look for the government to get the issue solved. The deadline for contacting the institution, and informing them of a new bank account in your name, is one year. After this period, the request can only be made by completing the formalized Restitution Payment Request, which is available on the government´s website.

The details are important every time

Lots of tax refund batches, which will be paid from the first month of release, prioritize the elderly and those with certain disabilities or serious illnesses. After the release of these payments, the government uses as a criterion of priority the delivery date of the statement.

If you delivered a rectifying statement to correct any errors in your form, remember: The revenue will consider setting priorities with repayments, and the date of rectification of your income tax.

Unclaimed Tax Refunds

Track your tax refund

To verify that the refund was released, visit the Revenue. You can also track your refund by calling specific offices (depending where you are), or using the mobile app, available for smartphones and tablets that use the Android operating system or iOS (Apple iPhone).visit the original source at http://abc7ny.com/finance/unclaimed-funds-$950m-unclaimed-federal-tax-refunds-from-2012/1240765/

You will know when your refund has been released by registering your phone for free incoming text message (SMS or torpedo). Just ask the register once to activate it.

We hope our tips on tax refund were useful and we hope that you get your cash as soon as possible. Good luck!