Find Unclaimed IRS Money From 2008

Finding unclaimed IRS money of 2008 is a great way to increase funds. If you are also among those who are, yet to file their income tax return for the year 2008, then it’s time that you file the return or else you could be missing out on some serious cash. According to recent reports the Internal Revenue Service (IRS), is holding around $1 billion in the form of unclaimed tax refunds from 2008, which is the property of one million people who have not filed a federal income tax return. As per the estimates of IRS, half of the refunds of are more than $600.

In case you also believe that you might be having some amount in the unclaimed IRS money, then you should immediately start looking for it. For claiming the refund for the tax year 2008, you should get your tax returns to Uncle Sam before April 17 2012, as after this period, all unclaimed money in the form of leftover refunds with IRS will be turned over to the U.S. Treasury. The reason being that the tax payers have a three-year window to claim a tax refund as per the US law, and after this period any unclaimed refunds goes to the U.S. Treasury.

According to the IRS, many people did not bother to file a tax return thinking that their income was too low to file a return. However, some of these people may be having some extra money in the form of quarterly estimated payments made by them or some wages that were withheld by the employers. Besides, by not filing a tax return you might be losing on some tax credits. For instance, the IRS is giving up to $600 per taxpayer as the Recovery Rebate Credit to anyone who did not get an economic stimulus payment in the year 2008. Not only that, by not filing a return for 2008 some people may even miss an opportunity to claim the Earned Income Tax Credit, which is basically a refundable credit provided to low to moderate income groups in America.

The amount of unclaimed IRS money for tax refunds is different for each state. With an average of $773 as prospective refunds, people residing in Wyoming can expect to get the largest amount of unclaimed tax refunds. However, with just $527 to their credit, residents of Oregon have the lowest amount in unclaimed money from tax refunds.

Given that IRS holds such huge amount, it is all the more important for everyone to file a tax return and find unclaimed IRS money from 2008. However, before filing a return to claim unclaimed tax refunds for 2008, it is mandatory that you file a return for 2009 and 2010 beforehand; as otherwise, you will not be considered eligible for filing the return. Moreover, you should also find out whether you owe any amount to the IRS, unpaid child support, or have any other past federal debts. If yes, then the money coming from refunds of 2008 will be applied to the amount owed by you.