$2.2 BILLION in Unclaimed Tax Refunds will be Lost to the Government on April 17, 2007

March 15, 2007 - PRLog -- Santa Ana, CA – March 14 2007, Unclaimed tax refunds totaling over $2.2 BILLION DOLLARS is waiting to be claimed by an estimated 1.8 MILLION Americans who failed to file a tax return for 2003. To receive an unclaimed tax refund check a tax return for 2003 must be filed with the IRS by April 17, 2007 or will be forfeited to the government.

The law allows an individual 3 years to file a return and claim a tax refund. After the 3 years the unclaimed tax refund check is forfeited to the US Treasury department.

Unfortunately, unclaimed tax returns are common. These checks remain unclaimed for of various reasons. Some people are owed a refund from money withheld from their wages and some did not make enough money in 2003 to be required to file a tax return. Others may not have filed because they don’t owe taxes or they didn’t take their earned income tax credit.

An Earned Income Tax Credit (EITC) is a refundable item which is treated as a payment already made towards taxes owed that reduces or eliminates the taxes that low-income working people pay (such as payroll taxes) and also frequently operates as a wage subsidy for low-income workers.

Earn income tax credits for 2003 are for an unmarried person who made less than $11,230 and has no children, earned less than $29,666 and had one child, or earned no more than $33,692 and had two or more kids. Income limits are a little higher for married people filing jointly.

Considering the people who are eligible for the refunds are those who did not make much, they are probably most in need of this money. Most likely they are unaware the money is due to them or they simply don’t know how to claim it.

The only way to claim your 2003 tax refund check is to file your taxes for that year. However, if you have not filed for subsequent years 2004 or 2005 your refund check will be held and if you owe outstanding amounts the refund will be applied toward that balance.

The IRS will send a refund check after receiving the appropriate filing form, Form 1040 (or 1040A or 1040EZ). This form will indicate how large the refund check should be.

You can download this form at http://www.irs.gov/pub/irs-prior/f1040--2003.pdf or call toll-free (800) 829-3676 to request the form.

People that are owed an unclaimed tax refund you may be owed other unclaimed funds. There are millions of Americans who have lost money they may be completely unaware exists. Unclaimed money in the United States totals over $35 BILLION.

This money will sit in the government’s hands until claimed by the rightful owner. Each person should check the unclaimed money database at www.cashunclaimed.com at least twice a year to see if they or their family members have money owed to them.

Those who find they are owed unclaimed funds will also find forms and instructions to claim the funds.

Website: www.cashunclaimed.com