IRS reports $760 million worth of unclaimed 2010 tax refunds - WGEM.com: Quincy News, Weather, Sports, and Radio

IRS reports $760 million worth of unclaimed 2010 tax refunds

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The IRS has hundreds of millions of dollars in unclaimed tax refunds, but they belong to taxpayers who didn't file a tax return in 2010.  This isn't an attempt to catch people breaking the law.

The IRS announced it has $760 million in refunds for people who didn't file a 2010 return, but time is running out to claim it.  Tax preparers at H&R Block say one reason people may not have filed a return is because they didn't make enough money that year.  However, they still had taxes withheld from their employer.  Tax preparer Tera Schultz said if you're looking for a refund, you will most likely not be penalized for filing late.

"Sometimes we'll have people coming in and they'll have tax returns going back ten years.  But any of those years they have refunds, if they're beyond their three open years, then there's no refund coming," Schultz said.

If you didn't file in 2010, you only have until April 15 to do so.  At that point, it becomes property of the United States Treasury.  In Illinois, the IRS estimates there's as much as $32 million in unclaimed refunds.  In Missouri, it's $13 million worth of refunds and in Iowa, it's just over $7 million.
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