As it turns out, 1.8 million of them are. That’s how many people didn’t file their return for 2003 even though the IRS owed them a refund. If these people don’t move to file for this by April 17th, the Treasury Department gets to keep it. Yep. They get to keep it. You only get 3 years to claim the refund.
So why didn’t these people file? Most likely they didn’t realize they were going to be due a refund. They may not be aware of the credits they could qualify for such as the Earned Income Tax Credit that helps out low income filers. Maybe a personal emergency made filing not the most important thing at the moment. It happens. The IRS estimates that more than half of these people are due more than $611. That can make a huge difference for a low income family. (I wouldn’t turn it down, either!)
For more on how Credits and Deductions affect your bottom line, check out this blog post on the subject. It may well be that many of these people are due back more than they put in due to refundable credits.
So if you or someone you know didn’t file in 2003, you should check it out. The IRS may owe you some money. There is no penalty for late filing if they owe you.
See the IRS News Release for more information.
You can also purchase the 2003 TurboTax Program from our website. Other prior years are there as well.