Approximately 63,000 New York families failed to file a 2011 tax return, and U.S. Senator Charles Schumer doesn’t want New Yorkers to miss out on their refunds.
Earlier this week, Schumer announced that nearly $63 million in unclaimed federal income tax refunds lie in wait for New York taxpayers who could receive an average return of nearly $700. The grace period for filing 2011 returns ends on April 15 of this year, and there is no penalty for filing a late return that qualifies for a refund. According to the Internal Revenue Service, 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; if no return is filed within that period, the money becomes property of the U.S. Treasury.
In New York City, nearly 27,000 taxpayers are eligible for over $27 million in refunds.
Filers seeking a 2011 refund should note that their checks may be held if they have not filed subsequent tax returns for 2012 and 2013, as refunds are first applied to amounts still owed to the IRS or state tax agencies. Thus, not filing a return can cause an easily avoidable financial ripple effect. Taxpayers in lower tax brackets stand to gain considerably by filing, since many have not claimed the Earned Income Tax Credit. In 2011 the EITC was as much as $5,751.
“New Yorkers work hard for their paycheck, and I hope all those eligible will take advantage of this opportunity to put money back in their pockets. There are tens of thousands of people across New York who stand to gain from filing their 2011 returns; it’s a no-brainer,” said Schumer. “We all know how far a little extra money can go for families during tax season, so I am encouraging residents to take advantage of this before time runs out.”
For more information about filing your 2011 tax return, including EITC thresholds and free e-filing for New Yorkers, visit www.irs.gov or www.schumer.senate.gov/services/help/taxes.
By Eugénie Bisulco eugenie@theforumnewsgroup.com
