UNCLAIMED REFUNDS TOTAL $36.5 MILLION IN NEW JERSEY FROM 2007

Unclaimed refunds totaling approximately $36.5 million are awaiting about 31,000 New Jerseyans who did not file a federal income tax return for 2007. To collect the money, a return for 2007 must be filed with the IRS no later than April 18, 2010.

“In New Jersey, the IRS estimates that half of those who could claim refunds for tax year 2007 would receive more than $705,” said IRS spokesperson Gregg Semanick.

Nationwide, unclaimed refunds totaling more than $1.1 billion are awaiting nearly 1.1 million people who did not file a federal income tax return for 2007.  The IRS estimates that half of those who could claim refunds for tax year 2007 would receive more than $640.

Some people may not have filed because they had too little income to require filing a tax return even though they had taxes withheld from their wages or made quarterly estimated payments. In cases where a return was not filed, 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.

For 2007 returns, the window closes on April 18, 2011. The law requires that the return be properly addressed, mailed and postmarked by that date. There is no penalty for filing a late return qualifying for a refund.

Check Also

STATE TOTALS SUNDAY: 13 ADDITIONAL DEATHS, 3,851 CASES

New Jersey added over 3,800 new cases of coronavirus on Sunday.  State health officials also …

Leave a Reply

Your email address will not be published. Required fields are marked *