More than 13,000 Connecticut residents could receive a tax refund if they file their 2011 federal income tax return by April 15 of this year.
According to the International Revenue Service, over $13.4 million in unclaimed tax refunds await 13,400 Connecticut taxpayers who haven’t filed their 2011 returns. That’s an average of $777 per filer who is eligible for the past refund.
Unclaimed funds to the U.S. Treasury
In cases where a tax return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund. For 2011 tax returns, the window closes on April 15, 2015.
The law requires the tax return be properly addressed, mailed and postmarked by that date. There is no penalty for filing a late return that qualifies for a refund.
‘Time is running out’
“Time is running out for people who didn’t file a 2011 federal income tax return to claim their refund,” said IRS Commissioner John Koskinen.
“People could be missing out on a substantial refund, especially students or part-time workers,” Koskinen said. “Some people may not have filed because they didn’t make much money, but they may still be entitled to a refund.”
Nationwide, $1 billion available
On a national basis, the IRS said federal income tax refunds totaling $1 billion may be waiting for an estimated one million taxpayers who did not file a federal income tax return for 2011.
Nationally, the IRS estimates half of the potential refunds for 2011 are more than $698.
The IRS reminds taxpayers seeking a 2011 refund that their checks may be held if they have not filed tax returns for 2012 and 2013.
In addition, the refund will be applied to any amounts still owed to the IRS, or their state tax agency, and may be used to offset unpaid child support or past due federal debts, such as student loans.
Earned Income Tax Credit
By failing to file a tax return, people stand to lose more than just their refund of taxes withheld or paid during 2011. Many low- and moderate-income workers may not have claimed the Earned Income Tax Credit (EITC).
For 2011, the credit is worth as much as $5,751. The EITC helps individuals and families whose incomes are below certain thresholds. The thresholds for 2011 were:
— $43,998 ($49,078 if married filing jointly) for those with three or more qualifying children.
— $40,964 ($46,044 if married filing jointly) for people with two qualifying children.
— $36,052 ($41,132 if married filing jointly) for those with one qualifying child.
— $13,660 ($18,740 if married filing jointly) for people without qualifying children.
How to get the needed forms
Current and prior year tax forms and instructions are available on the Forms and Publications page at www.irs.gov, or by calling toll-free 800-TAX-FORM (800-829-3676).
Taxpayers who are missing Forms W-2, 1098, 1099 or 5498 for the years 2011, 2012 or 2013 should request copies from their employer, bank or other payer.
If these efforts are unsuccessful, taxpayers can get a free transcript showing information from these year-end documents by going to www.irs.gov. Taxpayers can also file Form 4506-T to request a transcript of their tax return.