Unclaimed Tennessee IRS refunds top $16 million

Unclaimed Tennessee IRS refunds top $16 million

February 26th, 2012 by Staff Report in Business Around the Region

For Tennesseans who did not file a federal income tax return in 2008 but have a refund coming, Uncle Sam is looking for you.

The Internal Revenue Service said last week that refunds totaling $16.1 million are waiting for about 18,400 Tennesseans. The unclaimed refunds are among more than $1 billion due to about 1 million people who haven't filed for 2008 yet.

To collect the money, a return for 2008 must be filed with the IRS no later than Tuesday, April 17, 2012. There is no penalty for filing a late return qualifying for a refund.

"Some who haven't filed yet for 2008 could be eligible for an even bigger refund than our records indicate," Tennessee IRS spokesman Dan Boone said. "IRS won't know until they file if they qualify for the Earned Income Tax Credit or the Recovery Rebate Credit or both."

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.

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).