Time running out to collect 2010 tax refunds

Time running out to collect 2010 tax refunds

By Darlyn Kuhn

Nearly 1 million taxpayers have until April 15 to claim more than $760 million in 2010 unclaimed tax refunds. Half of these taxpayers are due more than $571 and all they have to do to get it is file a 2010 tax return. It is estimated that 56,800 Floridians are eligible for a median potential refund of $593.

Some taxpayers may not have been required to file a tax return due to their income level and filing status, yet they may be able to recover some of the taxes withheld from their paychecks. Taxpayers who did file their 2010 return and want to make sure they got back their maximum refund can get a free Second Look® review at participating H&R Block retail tax offices.

Generally, taxpayers have three-year window to file a tax return to claim a refund, which means returns for 2011 and 2012 also can be filed this year.

Filing status, income and age help determine if a worker must file a tax return. Whether a taxpayer is claimed as a dependent also is a factor. For example, a dependent earning more than $6,100 in wages must file a tax return while a single worker not claimed as a dependent may earn up to $10,000 and not be required to file.

     Even those not required to file a tax return should file a return to get back taxes withheld and/or to claim frequently overlooked tax credits such as the Earned Income Tax Credit, Additional Child Tax Credit or American Opportunity Tax Credit for higher education if eligible.

In addition to filing requirements, late-season tax filers have questions about casualty losses, what paperwork they need to file an accurate return and what to do it if they can’t pay their taxes by the April 15 deadline.

For more information about filing requirements or other tax topics, contact the H&R Block media desk at (816) 854-4287, or me directly, to talk to a tax professional.